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Medtronic(MDT) - 2023 Q1 - Quarterly Report
2022-08-31 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 29, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ Commission File Number 001-36820 ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State of incorporation) (I.R.S. ...
Medtronic(MDT) - 2023 Q1 - Earnings Call Transcript
2022-08-23 16:43
Medtronic plc (NYSE:MDT) Q1 2023 Earnings Conference Call August 23, 2022 8:00 AM ET Company Participants Ryan Weispfenning - VP and Head, IR Geoff Martha - Chairman and CEO Karen Parkhill - CFO Sean Salmon - EVP and President, Cardiovascular Portfolio Bob White - EVP and President, Medical Surgical Portfolio Brett Wall - EVP and President, Neuroscience Portfolio Que Dallara - EVP and President, Diabetes Operating Unit Conference Call Participants Robbie Marcus - JPMorgan Vijay Kumar - Evercore ISI Travis S ...
Medtronic(MDT) - 2022 Q4 - Annual Report
2022-06-22 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. For the fiscal year ended April 29, 2022. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ Commission File No. 1-36820 ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State or other ...
Medtronic plc (MDT) CEO Geoff Martha on Goldman Sachs Global Healthcare Conference (Transcript)
2022-06-14 21:09
Medtronic plc (NYSE:MDT) Conference Call Summary Company Overview - **Company**: Medtronic plc - **Event**: Goldman Sachs Global Healthcare Conference Call - **Date**: June 14, 2022 - **Participants**: Geoff Martha (Chairman & CEO), Amit Hazan (Goldman Sachs Medical Technology Analyst) Key Points Industry Context - The healthcare industry, particularly medical technology, has faced significant challenges due to COVID-19 and supply chain disruptions [4][5][6] - Medtronic has played a critical role in responding to the pandemic, particularly with ventilators [4] Supply Chain Challenges - Medtronic experienced acute supply chain issues, particularly with semi chips and resins affecting their Energy business and packaging [7][8] - A supplier explosion caused significant disruptions in the Surgical Innovations business [8] - Supply chain issues are expected to improve, particularly in the second half of the fiscal year [9] - The company is implementing structural changes to enhance supply chain resiliency, moving from a fragmented approach to a centralized model [11][12][14] Financial Guidance and Revenue Expectations - Medtronic is guiding for 4% to 5% revenue growth for the fiscal year, despite challenges in the previous quarters [22][24] - The company anticipates easier comparisons in the second half of the fiscal year due to lower bases from the previous year [25] - Key product launches are expected to drive growth, including new TAVR and EV ICD products [26] Research and Development (R&D) - Medtronic aims to increase R&D spending to outpace sales growth, focusing on higher-growth opportunities [28] - The company is committed to improving R&D productivity and has streamlined operations to allow for increased investment [29] Operating Margins - Medtronic is targeting a return to pre-COVID operating margins of around 28% [30][32] - The company is focused on achieving 5% top-line growth and 8% EPS growth, alongside a growing dividend [32][33] Product Development and Market Position - The surgical robot is expected to see significant growth, with positive feedback from international markets [34][36] - Medtronic is optimistic about the diabetes segment, with the 780G system showing promising results in trials [41][43] - The company is also focused on the renal denervation (RDN) market, with ongoing trials expected to yield positive results [48][49] Market Dynamics in China - Short-term challenges include navigating COVID lockdowns and pricing pressures, but long-term growth in China is still anticipated [53][54] - Medtronic acknowledges increased risks in the Chinese market due to geopolitical factors but remains bullish on investment opportunities [55] Capital Allocation and Portfolio Management - Medtronic is conducting a deep dive into its portfolio to ensure capital is allocated to higher-growth areas [57] - Ongoing evaluations may lead to divestitures or restructuring within the portfolio [57] Additional Insights - The company is adapting to a new normal in supply chain management, balancing efficiency with resiliency [11][14] - Medtronic's strategy includes leveraging acquisitions and partnerships to enhance R&D capabilities [29] - The focus on integrated insulin delivery systems positions Medtronic favorably in the diabetes market [44][46] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Medtronic's response to current challenges and its plans for future growth.
Medtronic(MDT) - 2022 Q4 - Earnings Call Transcript
2022-05-26 16:12
Medtronic plc (NYSE:MDT) Q4 2022 Earnings Conference Call May 26, 2022 8:00 AM ET Company Participants Ryan Weispfenning - Head of IR Geoff Martha - CEO Karen Parkhill - CFO Brad Lerman - SVP, General Counsel, Corporate Secretary Bob White - EVP and President of the Medical Surgical Portfolio Sean Salmon - EVP and President of the Cardiovascular Portfolio Conference Call Participants Vijay Kumar - Evercore ISI Travis Steed - Bank of America Merrill Lynch Larry Biegelsen - Wells Fargo Shagun Singh - RBC Ca ...
Medtronic plc (MDT) Management Presents at 42nd Annual Cowen Health Care Conference Call Transcript
2022-03-07 21:00
Medtronic plc (NYSE:MDT) 42nd Annual Cowen Health Care Conference Call Summary Company Overview - **Company**: Medtronic plc - **Event**: 42nd Annual Cowen Health Care Conference Call - **Date**: March 7, 2022 - **Participants**: - Karen Parkhill - Executive Vice President and Chief Financial Officer - Josh Jennings - Cowen & Company Key Points Industry and Market Trends - **Fiscal Q4 Trends**: February was expected to be the lightest month, with modest underlying procedure acceleration. Greater acceleration is anticipated in March and April [4][3] - **Impact of Russia/Ukraine Conflict**: Medtronic has minimal exposure, with revenue from these regions being less than 1% of total revenue. No manufacturing or direct material suppliers are located in these countries [5] Financial Performance and Guidance - **Supply Chain and Inflation**: No changes in supply chain guidance since the fiscal third quarter earnings call. Inflationary pressures are expected to continue into FY 2023, impacting EPS growth [6][32] - **EPS Growth Expectations**: FY 2023 is expected to be challenging, with EPS growth anticipated but not exceeding revenue growth. Currency fluctuations and acquisition dilution are expected to impact EPS by a few hundred basis points [33][32] Product Development and Regulatory Updates - **Diabetes Franchise**: Ongoing discussions with the FDA regarding the warning letter and the approval of key diabetes products (780G and Guardian 4). Progress is being made on remediation efforts [9][11] - **Renal Denervation**: Confidence in the approval of renal denervation therapy based on previous studies. The ON MED trial results are expected to be shared at a major cardiovascular meeting [16][20] - **Hugo Surgical System**: Positive feedback from surgeons on the Hugo system's features. The system is currently in limited market release, with high demand and ongoing data collection for regulatory filings [21][23] Strategic Initiatives - **Portfolio Review**: Medtronic is intensively reviewing its portfolio to optimize business units and drive sustainable revenue growth. Decisions regarding potential divestitures or spinouts are expected within the fiscal 2023 timeframe [36][40] - **Macro Challenges**: Ongoing challenges include staffing shortages, supply chain issues (particularly in semiconductors and resins), and inflation. These factors are expected to persist into FY 2023 and potentially FY 2024 [43][46] Acquisitions - **Intersect ENT Acquisition**: The acquisition is progressing well, with expectations for closing soon [48] Additional Insights - **Long-term Growth Commitment**: Medtronic remains committed to its long-range plan, with expectations for a return to organic revenue growth post FY 2023 [35][34] - **Investment in R&D**: Continued investment in R&D is crucial for future growth, despite current economic challenges [33][32] This summary encapsulates the key discussions and insights from the Medtronic conference call, highlighting the company's strategic direction, financial outlook, and product development efforts.
Medtronic(MDT) - 2022 Q3 - Quarterly Report
2022-03-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 28, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ Commission File Number 001-36820 ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State of incorporation) (I.R ...
Medtronic(MDT) - 2022 Q3 - Earnings Call Transcript
2022-02-22 17:23
Medtronic plc (NYSE:MDT) Q3 2022 Earnings Conference Call February 22, 2022 8:00 AM ET Company Participants Ryan Weispfenning - Vice President and Head, Investor Relations Geoff Martha - Chairman and Chief Executive Officer Karen Parkhill - Chief Financial Officer Sean Salmon - Executive Vice President and President, Cardiovascular and Diabetes Bob White - Executive Vice President and President, Medical Surgical Brett Wall - Executive Vice President and President, Neuroscience Conference Call Participants R ...