February 25, 2026 11:27 AM GMT Brain Computer Interfaces | North America Neuralink Hits 21 Patients; Precision/Medtronic Partnership; Altman's Merge Labs We highlight some key happenings across the BCI industry: Neuralink is scaling implants and plans mass production in 2026, Sam Altman's Merge Labs emerged from stealth with OpenAI backing, Precision and Medtronic reach agreement to develop joint-system, China expected to add BCI to Five Year Plan. Morgan Stanley does and seeks to do business with companies ...

Core Insights - Intuitive Surgical has a strong market presence with over 11,100 da Vinci surgical robots installed globally, generating approximately 75% of its revenue from services and sales of instruments and accessories, creating a recurring revenue stream [2] - The company currently has a high price-to-earnings (P/E) ratio of 64, indicating strong market expectations for future growth [1] - Medtronic has recently received FDA approval for its Hugo surgical robot, marking its entry into the U.S. market, with the first surgeries performed in February [4] Company Analysis - Intuitive Surgical's da Vinci system has established a significant foothold in the surgical robotics market, but competition is increasing, with Medtronic emerging as a notable player [4] - Medtronic's P/E ratio stands at 27, which is lower than that of Intuitive Surgical, suggesting potential for valuation growth if the Hugo system achieves similar success as the da Vinci system [5] - Medtronic's business is more diversified across various medical sectors, which may limit the growth potential of the Hugo system compared to Intuitive Surgical's focused approach [7] Investment Considerations - Medtronic offers a dividend yield of approximately 2.9%, appealing to dividend investors, while Intuitive Surgical does not provide dividends [8] - The market is currently in a cautious phase regarding Medtronic's new product developments, but the introduction of the Hugo system could change investor sentiment [7]

Core Viewpoint - Medtronic is positioning itself as a strong player in the robotic surgery market while maintaining a solid foundation in the medical device industry, with a focus on growth and innovation. Company Overview - Medtronic has a forward-looking price-to-earnings (P/E) ratio of 16.3, slightly below its five-year average of 16.7, indicating a compelling valuation [2] - The company has a dividend yield of 2.9% and has increased its dividend for 48 consecutive years, showcasing its commitment to returning value to shareholders [4] - Medtronic's payout ratio is approximately 79%, suggesting room for further dividend growth and sustainability [5] Business Operations - Medtronic operates in various treatment areas, including surgery, endoscopy, cardiac ablation, neurovascular disorders, neuromodulation, pelvic health, gastric therapies, and cranial and spinal technologies [5] - The company has over 41,000 active patent matters and employs more than 13,600 scientists and engineers across 150 countries [6] - Medtronic treats over 70 health conditions and is conducting more than 174 active clinical trials, with an annual research and development expenditure of around $2.7 billion [6] Recent Performance - In its recently reported third quarter, Medtronic achieved an 8.7% year-over-year revenue increase and received FDA approval for its Hugo robotic surgery system [8] - CEO Geoff Martha emphasized the company's focus on unlocking new markets and investing in high-growth opportunities to accelerate performance [8] Strategic Moves - Medtronic is spinning off its diabetes division, aiming for a valuation close to $8 billion, to concentrate on faster-growing business segments [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Commission File Number 001-36820 Identification No.) Building Two, Parkmore Business Park West Galway, Ireland (Address of principal executive offices) +353 1 438-1700 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State of incorporation) (I.R.S. Employer | Title of each cla ...

Core Viewpoint - MiniMed Group, Inc. has launched a roadshow for its initial public offering (IPO) of 28 million shares, as part of Medtronic's plan to separate its Diabetes business into an independent public company, with an expected IPO price between $25.00 and $28.00 per share [1] Group 1: IPO Details - The IPO will consist of 28,000,000 shares of common stock, with an additional 4,200,000 shares available for underwriters to purchase within 30 days at the IPO price [1] - MiniMed plans to list its common stock on the Nasdaq Global Select Market under the symbol "MMED" [1] - Upon completion of the IPO, Medtronic will retain approximately 90.03% of MiniMed, or 88.70% if the over-allotment option is fully exercised [1] Group 2: Use of Proceeds - MiniMed intends to use a portion of the net proceeds from the IPO for general corporate purposes [1] - The remaining proceeds will be allocated to repay intercompany debt owed to Medtronic and as additional consideration for certain assets transferred to MiniMed during the separation [1] Group 3: Underwriters - The active bookrunners for the proposed offering include Goldman Sachs & Co. LLC, BofA Securities, Citigroup, and Morgan Stanley [1] - Additional joint book running managers are Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI, and Piper Sandler & Co. [1] Group 4: Company Background - MiniMed is a global leader in insulin delivery, providing therapies for diabetes management in over 80 countries [1] - The company has been a pioneer in developing integrated ecosystems for insulin delivery, including systems, continuous glucose monitors (CGMs), algorithms, and user-friendly applications [1] - Medtronic, headquartered in Galway, Ireland, is a leading global healthcare technology company focused on addressing significant health challenges [1]

Group 1 - Medtronic's MiniMed Group is targeting to raise up to $784 million in its initial public offering (IPO) in the United States [1] - The IPO is part of Medtronic's strategy to enhance its diabetes business and expand its market presence [1]

Core Viewpoint - Medtronic is highlighted as an attractive investment primarily due to its impressive dividend track record, having increased dividends for 48 consecutive years, positioning it to potentially join the ranks of Dividend Kings [1][3]. Dividend Program - The company has a remarkable history of increasing dividends, which is a strong indicator of its reliability and business stability [3][7]. - Achieving 48 years of consecutive dividend increases is a significant accomplishment, suggesting that Medtronic is a steady and reliable business that performs well regardless of economic conditions [4][7]. Financial Performance - Medtronic's revenue growth is consistent, supported by its extensive portfolio in the healthcare industry, although it may not be exceptionally high [6]. - The company has a gross margin of 67.46% and a dividend yield of 2.92%, indicating strong financial health [6]. Business Strategy - Management is divesting from its low-margin diabetes-care business, which is expected to enhance operating margins and profits [8]. - New product launches, such as the Hugo robot-assisted surgery system and pulse-field ablation treatment, are anticipated to drive sales growth in the medium term [9]. Market Position - Medtronic is one of the largest medical device companies globally, with a market capitalization of $124 billion [10]. - The stock is particularly appealing to income-seeking investors rather than those looking for high-growth opportunities [9].

Core Insights - Medtronic is a consistent dividend payer with a 48-year history of increasing its dividend, making it a unique player in the healthcare stock sector [1][7] - The company operates in a recession-resistant market, providing essential medical devices and treatments that are often non-negotiable for patients [2] - Medtronic has only experienced two declines in annual revenue since 2000, with a 5.4% drop in fiscal year 2020 due to the COVID pandemic and a 1.4% decrease in 2023 attributed to currency fluctuations and supply chain issues [4] - The company has four strong business units: cardiovascular, medical-surgical, neuroscience, and diabetes, although the diabetes unit is set to be spun off [5] - Medtronic has maintained annual net income for over 60 years, showcasing its financial stability despite some fluctuations in profitability [6] - The current dividend yield is nearly 3%, which is more than double the average yield of S&P 500 stocks, highlighting the company's commitment to returning value to shareholders [7] - Despite its strong fundamentals, Medtronic's stock has underperformed the S&P 500 index for several years due to frequent restructuring and competition from other healthcare companies [8] - The company has received FDA clearance for its Hugo robotic-assisted surgery system, indicating potential growth opportunities in the future [10] - Expectations are high for Medtronic to outperform the S&P 500 in the coming years, suggesting a potential investment opportunity [11]

Company Overview - Medtronic is one of the world's largest medical device companies with a diversified portfolio across cardiovascular, neuroscience, and medical-surgical sectors [2] - The company is planning to spin off its diabetes business to refocus on its highest-profit and fastest-growing operations, indicating a strategic shift [2] Innovation and Growth - Medtronic has a proven track record of innovation, exemplified by the Hugo surgical robot, which positions the company in a fast-growing medical market [4] - The company is expected to see revenue growth of 5.5% in fiscal 2026, reflecting its strategic focus on growth [7] Dividend Performance - Medtronic has achieved 48 consecutive annual dividend increases, nearing the status of Dividend Kings, which signifies a strong and reliable business model [5] - The current dividend yield is approximately 2.92%, which is historically high, indicating the company's commitment to returning value to shareholders [7] Market Position - Medtronic has a market capitalization of $124 billion, with a gross margin of 67.46%, showcasing its financial strength [7] - The stock price currently stands at $96.88, with a day's range between $96.46 and $97.86, reflecting market activity [7]

Core Insights - Medtronic PLC reported better-than-expected earnings for Q3, with adjusted EPS of $1.36, surpassing market estimates of $1.33 [1] - The company's quarterly sales reached $9.017 billion, exceeding expectations of $8.905 billion [1] - Medtronic reaffirmed its FY2026 adjusted EPS guidance of $5.62-$5.66, compared to market estimates of $5.65 [1] - Following the earnings announcement, Medtronic shares rose 0.1% to $96.45 in pre-market trading [1] Analyst Reactions - Needham analyst Mike Matson maintained a Buy rating on Medtronic, lowering the price target from $121 to $120 [3] - Baird analyst David Rescott maintained a Neutral rating, reducing the price target from $103 to $100 [3]