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Core Viewpoint - Medtronic plans to exercise its acquisition option for CathWorks, a private company specializing in coronary physiological assessment technology, with a total consideration of up to $585 million (approximately 4.1 billion RMB) [2] Group 1: Acquisition Details - The acquisition is expected to be completed before the end of Medtronic's fiscal year 2026, pending review by the U.S. Federal Trade Commission (FTC) [2] - This move follows a strategic partnership established in 2022 between Medtronic and CathWorks to promote the FFRangio system in the U.S., Europe, and Japan [3] Group 2: Technology and Product Path - The acquisition signifies Medtronic's commitment to the coronary physiological assessment technology route [4] - CathWorks' FFRangio system generates FFR value distribution across the entire coronary tree based on standard coronary angiography images, utilizing AI and computational fluid dynamics without the need for pressure wires or drug stimulation [9] Group 3: Decision Support Capabilities - FFRangio has evolved beyond a diagnostic tool to become a real-time decision support layer in interventional procedures, aligning with Medtronic's focus on data-driven and integrated processes in interventional fields [11][13] - The technology provides real-time data to support personalized treatment strategies and has the potential to reshape the workflow in catheterization labs [16] Group 4: Strategic Implications - The acquisition indicates a shift in the competitive focus of coronary interventions from "device itself" to "decision efficiency" [17] - The integration of imaging, AI, and physiological assessment is moving towards a unified platform, enhancing the value of tools embedded in the complete interventional process [17] - Large platform companies prefer to accelerate the acquisition of key capabilities through mergers rather than internal development [18] Group 5: Financial Impact - The acquisition is expected to have a negligible impact on Medtronic's GAAP and adjusted EPS for fiscal year 2027, with potential neutral to positive contributions in the medium to long term [19] - Prior to the completion of the transaction, Medtronic and CathWorks will continue to operate independently, allowing for further integration of products, channels, and teams [20] Group 6: Industry Trends - The acquisition reflects a trend in mature interventional fields where innovation is shifting towards reducing hesitation and increasing certainty in decision-making [21] - Companies that can simplify complex judgments and seamlessly integrate into physicians' daily workflows are likely to gain a competitive advantage in the next phase [22] - CathWorks provides Medtronic with a ready-made solution to address these challenges [23]