Last Updated: 1st January 2023
Medtronic is a global healthcare technology company that is attacking the most challenging health problems facing humanity with innovations that transform lives. In 2021 Medtronic therapies improved the lives of more than 76 million people.
HQ Location: Minneapolis, Minnesota, USA (Operational)
Dublin, Ireland, UK (Legal)
Employees: 95,000
Revenue: $31.7 bn for FY22
What they do:
They innovate healthcare products and solutions that treat more than 70 health conditions, from Parkinson’s to diabetes
They focus on healthcare technology and do not provide any pharmaceutical products: “Medtronic is first an foremost a technology company”
45% of employees based in US or Puerto Rico
Their vision and priorities:
Written in 1960, the Medtronic Mission dictates their foremost priority is to contribute to human welfare by applying biomedical engineering in their research, design, manufacture, and sale of instruments or appliances to alleviate pain, restore health, and extend life.
To direct our growth in the areas of biomedical engineering
To strive without reserve for the greatest possible reliability and quality
To make a fair profit
To recognise the personal worth of all employees
To maintain good citizenship as a company
Doubling down on data and AI
The company is committed to digitization, data and AI.
“Now is the time to harness the power of 5G, edge computing, AI and machine learning to create personalized, closed loop care for patients”
Three things to know right now
New operating model and Medtronic Mindset
Eliminated group infrastructure and moved to 19 focused and accountable operating units.
OUs have full control of P&L, product development and sales forces in larger geographies.
Enhancing culture
New traits have been added to their Mission-driven culture:
Act boldly
Compete to win
Move with speed and decisiveness
Foster belonging
Deliver results, the right way
Tech Development Centers
Adding new centralized technology centers to leverage across multiple operating units
Cardiac implantables
Enabling technologies
Neuromodulation implantables
Surgical technologies
What does each business unit do?
Cardiovascular
This business unit focuses on providing heart related products for healthcare professionals including catheters, stents, and accessories for cardiovascular surgery.
Diabetes
This business unit aims to provide diabetic patients with any help on their Type 1 or Type 2 diabetic journey whether it is to help them achieve better glucose control or spend less time managing their highs and lows.
Medical Surgical
This business unit provides solutions for a wide range of surgeries. The business unit is made up of Surgical Innovations and Respiratory, Gastrointestinal and Renal (kidney) divisions
Neuroscience
This business unit focuses on products for neurological (brain) procedures. It includes products for surgery, neurostimulation, and drug infusion systems for chronic pain and spasticity.
Their financial calendar
Q1: June - August - Earnings 23rd August
Q2: September - November - Earnings 22nd November
Q3: December - February - Earnings 22 February
Q4: March-May - Earnings 22 May
Positives from the last earnings report:
Earnings of $1.30 EPS was delivered despite revenue below expectations
Despite current operating environment, strong growth in several business units: TAVR, Pacing, US Core Spine, International Diabetes
Challenges from the last earnings report:
Revenue down 3% due to supply chain and currency effects.
Procedure volume slower to recover from pandemic in developed markets, mainly due to staffing shortages
Reducing future guidance due to pace of market and supply chain constraints
Next Earnings Report:
Around 21st February 2023
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