Medtronic data on file. Strategies to Reduce CIED Infections: Implications of the WRAP-IT Study Results. When excluding the impact of currency and the inorganic Intersect ENT revenue, first quarter 2023 revenue declined approximately 3.6 percent organic. 10:0011:30 a.m. PT 2:304:00 p.m. PT "While our markets are facing macroeconomic challenges, we're focused on identifying ways to offset their impact to our financials," said Karen Parkhill, Medtronic chief financial officer. CareLinkExpressMobile Workflows. In FY22, the Company: Environmental sustainability:The Company made strong progress toward its FY45 ambition to achieve net zero emissions. 5:007:00 p.m. PT Second quarter U.S. revenue of $3.997 billion represented 51% of company revenue and decreased 1%. The webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com. Medtronic announced plans Jan. 10 to acquire Affera, a company that focuses on cardiac mapping and navigation. Expense Find the race that best celebrates the event . 2022 R&D spend : $2,746,000,000. Explore the potential for artificial intelligence (AI) and data analytics in streamlining cardiac device patient management. The report highlights the Company's progress on its ESG strategy, including measurable . Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Unless otherwise stated, all revenue growth rates in this press release are on an organic basis, which excludes the impact of foreign currency translation and revenue from the Intersect ENT acquisition. Forward Cam Reddish is headed to free agency next summer and he'll be restricted if the Knicks extend a qualifying offer. (2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. +1 (305) 500-9328, https://www.medtronic.com/us-en/index.html?intcmp=mdt_com_country_selector_dropdown_atlasr22016, Electromagnetic Compatibility Guide for Cardiac Devices, Electromagnetic Compatibility for Cardiac Devices, California Transparency in Supply Chains Act, Information About Proposition 65 for California Customers, Established a Health Equity Advisory Committee (HEAC) in. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Employees were dealt . (2) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. Speakers: Medtronic expects the supply chain problems that affected its business at the beginning of the year to continue into next quarter. Discover remote patient monitoring tips and how the MyCareLink Heart app enables patients to stay connected from anywhere. Bolder actions. Separately, Medtronic announced plans to launch a. with DaVita. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances. Medtronic Operational Headquarters 710 Medtronic Parkway Minneapolis, MN 55432-5640 USA, Esplanade Ballroom, Room 152, Moscone Center, Understanding the Clinical Utility of Anti-tachycardia Pacing. DUBLIN, Oct. 11, 2022 /PRNewswire/ -- Medtronic plc today released its fiscal year (FY) 2022 Integrated Performance Report: Engineering impact. Join our expert panelists to review key clinical evidence of the Micra transcatheter pacing system (TPS). (4) The first quarter of 2023 includes $20 million of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. 10:0011:30 a.m. PT The company announced an 8% dividend increase on Thursday to $2.72 per share. Our Mission to alleviate pain, restore health, and extend life unites a global team of 95,000+ passionate people across 150 countries. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release. Devi G. Nair, M.D., FACC, FHRS, Program director: Paceart Optima System and CareLink Network Genius Bar. Do you have questions about Micra AV programming? Ian Law, M.D. International sales were driven by mid-twenties growth in sales of continuous glucose monitoring (CGM) products and low-double digit growth in consumable sales, offset by low-single digit declines in sales of durable insulin pumps. 9850 NW 41st Street, Suite 450, Doral, FL 33178 AF Management Decisions with AI Algorithms. In the second quarter of fiscal year 2022, Medtronic saw slight revenue dips in its cranial and spinal technology business and its spine and biologics business. Optimizing Micra AV Transcatheter Pacing System Programming for Your Patients. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com and this earnings release will be archived at news.medtronic.com. Following the separation of NewCo, Medtronic will have: NewCo is uniquely positioned to offer the full suite of connected patient monitoring and respiratory care solutions. Medtronic plc, headquartered inDublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. The charges are associated with a change in the company's permanently reinvestment assertion on certain historical earnings and the amortization on previously established deferred tax assets from intercompany intellectual property transactions. 02:07 Rationale for the trends and product line revenue shifts during COVID surges, the impact of product launches for SCS and DBS during the pandemic and how . Cryoablation for the Management of AVNRT and the Impact of Pediatric Approval. Forward Bojan Bogdanovic has been on playoff teams in seven of his eight NBA seasons, so he wasn't sure what to think at first when he was traded to the rebuilding Pistons. Medtronics leaders spent most of Thursdays call answering questions about the companys performance, but they elaborated a little bit on the joint venture with DaVita. N Engl J Med. Dhanunjaya (DJ) Lakkireddy, M.D. Devi G. Nair, M.D., FACC, FHRS, 12:001:30 p.m. PT Here are five things to know: 1. This assumes no near-term improvement in the supply chain, and a $350 million to $400 million impact from foreign exchange rates, BTIG analysts wrote in a Thursday research note. Discover mobile patient monitoring tips and how the MyCareLink Heart app enables patients to stay connected from anywhere. The charges primarily include business combination costs and changes in fair value of contingent consideration. For the full fiscal year, Medtronic's revenues increased 5% to $31.7 billion. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period. First-line indication expansion for the Arctic Frontfamily of cryoballoons, 11:30 a.m.1:00 p.m. PT If recent foreign currency exchange rates hold, fiscal year 2023 revenue growth would be negatively affected by approximately $1.4 billion to $1.5 billion versus the previously stated $1.0 to $1.1 billion impact. For more information on Medtronic (NYSE: MDT), visitwww.Medtronic.comand follow@Medtronic onTwitter andLinkedIn. MyCareLink Heart App and Mobile Monitoring Options for Patients. The 2022 Integrated Performance Report, as well as other ESG updates, are available on the Medtronic website (opens new window). CFO Karen Parkhill said in an investor call on Thursday that the medical technology company brought in about $350 million less than it had forecast for the period. You will have 48 hours to complete each challenge. Explore the CareLink SmartSync Device Manager. Martha added that Medtronics global supply chain was set up for a different era, and we had to make those changes. NON-GAAP FINANCIAL MEASURES 2. Speakers: Factors that might cause or contribute to a material difference include: risks and uncertainties as to the terms, timing, structure, benefits and costs of any separation transaction and whether one will be consummated at all; the impact of any separation transaction on the remaining businesses of the Company; economic conditions generally; competition and pricing pressures; difficulties and delays inherent in the development, regulatory approval, manufacturing, marketing and sale of medical products; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fuel price and fuel surcharge changes; risks related to the Company's intellectual property rights; governmental regulation, including trade compliance laws; governmental or political actions; and other risks and uncertainties that are described in the documents the Company files from time to time with the U.S. Securities and Exchange Commission. We are optimistic about our future, as we create markets and realize new opportunities.". "As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth.". Frank Marchlinski, M.D. *Indicated for patients over two years of age. Update my browser now. The Respiratory Interventions technology portfolio includes Puritan Bennett ventilators, Shiley airway portfolio, McGrath MAC video laryngoscopy, DAR breathing systems, as well as PAV+, NIV+ and IE Sync ventilation software solutions designed to improve workflow and care delivery. Wells, M.D. Experts will review key learnings from a randomized controlled trial and discuss the effectiveness of the antibacterial envelope in improving patient outcomes. The separation will enable greater investment focus in the areas of highest strategic priority across the company, and will facilitate the execution of its leadership strategy in attractive medtech markets that leverage the company's strengths. Join us for an interactive session and learn how you can put our updated recommendations into action. Bruce L. Wilkoff, M.D., FACC, FHRS, FAHA In a Thursday research note, J.P. Morgan analysts wrote that at 1% of sales, the joint venture is unlikely to move the needle.. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. Join experts as they share their experiences and discuss real-world scenarios and the clinical utility of anti-tachycardia pacing for VT patients. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com. Adjustments to reconcile net income to net cash provided by operating activities: MCS asset impairment and inventory write-down. The Cobalt and Crome ICD and CRT-D portfolio offers exclusive algorithms and premium device features designed to help meet the needs of physicians and their patients. Solutions to support you and your cardiac patients at every stage of care. Get the free daily newsletter read by industry experts. For the full fiscal year, Medtronics revenues increased 5% to $31.7 billion. Chairman & CEO, The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within, Ordinary shares par value $0.0001, 2.6 billion shares authorized, 1,329,276,973 and, https://www.medtronic.com/us-en/index.html?intcmp=mdt_com_country_selector_dropdown_atlasr22016, Electromagnetic Compatibility Guide for Cardiac Devices, Electromagnetic Compatibility for Cardiac Devices, California Transparency in Supply Chains Act, Information About Proposition 65 for California Customers, Company reiterates FY23 revenue and EPS guidance. Medtronic plc today released its fiscal year (FY) 2022 Integrated Performance Report: Engineering impact. Medtronic on Jan. 6 issued a Class I recall of its Synergy Cranial and StealthStation S7 Cranial software. In everything we do, we are engineering the extraordinary. This Week Last Year in Medtech: Oct. 30 - Nov. 5 . Cardiovascular Portfolio Price as of October 31, 2022, 4:00 p.m. Central Notes: Bogdanovic, Okoro, Middleton, Connaughton. Discover how integrating CareLink Express Mobile (CLEM) can impact your device management workflow efficiency. +1 (305) 500-9328, https://www.medtronic.com/us-en/index.html?intcmp=mdt_com_country_selector_dropdown_atlasr22016, Electromagnetic Compatibility Guide for Cardiac Devices, Electromagnetic Compatibility for Cardiac Devices, California Transparency in Supply Chains Act, Information About Proposition 65 for California Customers, Enhances both Medtronic and NewCo's strategic and operational focus on meeting the needs of their respective patients, physicians, customers, and other stakeholders, Advances the Medtronic portfolio management and capital allocation strategies focused on higher growth markets and revenue acceleration, Pursuing NewCo separation via a distribution that is expected to be tax-free to Medtronic shareholders for U.S. federal income tax purposes or other alternatives. As detailed in the financial schedules included at the end of this release, second quarter non-GAAP net income and non-GAAP diluted EPS were $1.792 billion and $1.32, respectively, increases of 30% and 29%, respectively. Neuroscience revenue of $2.115 billion decreased 4% as reported and 2% organic, with mid-single digit declines in CST and Neuromodulation, partially offset by mid-single digit increases in Specialty Therapies, all on an organic basis. Stifel analysts noted Medtronic's revenue results could pressure shares of other medtech companies. Better reimbursement for Intersect ENT's products and elective procedures returning over the summer months might have helped the deal cross the finish line. Martha said that the supply chain problems worsened in the second half of the quarter, affecting its surgical innovations unit the most, which includes products for laparoscopic surgery and robots. Our Mission to alleviate pain, restore health, and extend life unites a global team of 95,000+ passionate people across 150 countries. This forecast does not include clearance of its MiniMed 780G insulin pump, which is under review with the Food and Drug Administration. Maully Shah, M.D. The company today announced that effective May 25, 2022, the Medtronic board of directors approved an increase in Medtronic's cash dividend for the first quarter of fiscal year 2023, raising. Using an individual's. Oct 17, 2022 The company today announced that effective May 25, 2022, the Medtronic board of directors approved an increase in Medtronic's cash dividend for the first quarter of fiscal year 2023, raising the quarterly amount to $0.68 per ordinary share. 8:00a.m.3:00 p.m. PT ", Medtronic The leading global healthcare technology company. Tarakji KG, Mittal S, Kennergren C, et al. 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