From a spree of medical device company acquisitions to the expansion of its Mazor X robot and a new CEO, here are five key notes on Medtronic this year:
1. Robotics. In December, Medtronic received FDA clearance to integrate its Midas Rex high-speed drills into the Mazor Robotic Guidance System. The drills are designed to improve trajectory precision, starting with pilot hole creation. They offer tools and attachments designed for accurate drilling with speeds up to 75,000 rpm.
2. Acquisitions. Medtronic acquired seven companies this year, beginning in January with Stimgenics, developer of the Differential Target Multiplexed spinal cord stimulation therapy. In July, the company acquired Medicrea, a spine device company that includes artificial intelligence, predictive modeling and patient-specific implant offerings.
3. Economic outlook. Medtronic is among the medical device companies best positioned for recovery in 2021, according to Morgan Stanley analysts. The company's worldwide revenues were down slightly in the second quarter ended Oct. 30, totaling just under $7.65 billion. Cranial and spinal technologies brought in second-quarter revenue of $1.07 billion, an organic decline of 4.6 percent from the $1.12 billion reported in the second quarter of fiscal year 2020. The company is expected to report its fiscal year 2021 third and fourth quarter results on Feb. 23, 2021.
4. Leadership. Omar Ishrak retired as Medtronic CEO in April after a nine-year stint as head of the medical device company. Geoff Martha, who has been with the company for nine years, assumed the position of CEO. He is focused on leading the company through the pandemic, continuing Medtronic's investment in robotic technologies and identifying opportunities for future growth.
5. COVID-19 relief. In November, Medtronic pledged an additional $3.8 million to support healthcare workers, charitable organizations and communities in need during the COVID-19 pandemic. The pledge included a donation of more than 400,000 N95 surgical masks and 430,000 KN95 respirators. The company's COVID-19-relief efforts have exceeded $46 million.
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