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June 11, 2014
09:07 EDTMDTMedtronic submits final IN.PACT Admiral drug-coated balloon data to FDA
Medtronic announced that it recently submitted the final module of its pre-market approval application for the IN.PACT Admiral drug-coated balloon to the U.S. Food and Drug Administration. The application includes data that demonstrates superior clinical outcomes compared with conventional angioplasty, with the lowest rates of repeat procedures and the highest rate of uninterrupted blood flow at 12 months ever reported for the interventional treatment of peripheral artery disease.
News For MDT From The Last 14 Days
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September 3, 2015
08:43 EDTMDTMedtronic sees Street models to adjust Q2 EPS 'down a few pennies' from Q1
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08:34 EDTMDTMedtronic still sees FY16 operating margins 28%-29%
08:21 EDTMDTMedtronic sees growing dividend payout ratio to 40% within 'next few years'
Medtronic Chairman and CEO Omar Ishrak said on the company's Q1 earnings call that the company expects to not only grow its dividend over time with earnings growth but to increase its dividend payout ratio to 40% on a non-GAAP basis within the "next few years." Ishrak added that the company remains "disciplined" when evaluating potential M&A opportunities, noting any investment must strengthen one or more of its three growth strategies, offer high return metrics and minimize near-term dilution.
07:47 EDTMDTMedtronic reports Q1 EPS $1.02, consensus $1.01
Reports Q1 revenue $7.3B, consensus $7.06B. Reports Q1 U.S. revenue $4.1B.
07:21 EDTMDTMedtronic backs FY16 non-GAAP EPS view $4.30-$4.40, consensus $4.37
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September 2, 2015
14:50 EDTMDTNotable companies reporting before tomorrow's open
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13:21 EDTMDTHeartWare plunges after Valtech deal sparks downgrades
Shares of HeartWare (HTWR) have plunged after the company's acquisition of cardiac device maker Valtech, with multiple analysts struggling to find any particularly strong rationale for the deal. WHAT'S NEW: Raymond James' Jayson Bedford downgraded HeartWare to Market Perform from Outperform after the company announced Tuesday night that it agreed to acquire Valtech Cardio, an Israeli-based company focusing on heart valve devices. Bedford said he was "surprised" by the size of the deal, noting that the all-stock transaction is valued at roughly $430M and will see Valtech owning roughly 22% of HeartWare upon closing. The acquisition is simply not what Bedford "envisioned" for the company, said the analyst. His prior investment thesis was based upon HeartWare's potential to dominate the ventricular assist device market, an idea "validated" by St. Jude's (STJ) pending acquisition of Thoratec (THOR), said Bedford. That thesis has now been disrupted by last night's early-stage asset buy at a "steep price," raising the overall execution risk of HeartWare, the analyst tells investors. WHAT'S NOTABLE: HeartWare was also hit with a downgrade to Neutral by BTIG, with the research firm emphasizing that the transaction will bring significant dilution to the company's existing shareholders. Northland's Suraj Kalia was even more bearish this morning, saying that the acquisition "does not make sense," coming at an "astronomical" multiple for an asset with "no obvious complementarity" and different domain expertise. Valtech's Cardioband CE study involved just 45 patients and only 40% of those were followed up at twelve months, said Kalia, who contended that the study does not present an accurate picture of clinical viability. Heartware will have to invest "significantly" to get Valtech's technology through U.S. trials, said the analyst, and entering the transcatheter mitral valve repair market will also bring new competition in the form of Edwards (EW), Medtronic (MDT), Boston Scientific (BSX), St. Jude and Abbott (ABT). PRICE ACTION: Shares of HeartWare have dropped more than 19% in intraday trading to $65.98, dipping below their 52-week low in the process.
August 31, 2015
18:02 EDTMDTMedtronic acquires Medina Medical for $150M in cash
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18:01 EDTMDTMedtronic acquires Medina Medical for $150M in cash
14:28 EDTMDTMedtronic volatility elevated into Q1 and outlook
Medtronic September call option implied volatility is at 49, September and October is at 26; compared to its 52-week range of 13 to 38, suggesting large near term price movement into the expected release of Q1 results on September 3.
07:10 EDTMDTMedtronic study detects gene associated with sudden cardiac death
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August 25, 2015
09:07 EDTMDTMedtronic to acquire Twelve for $458M
In support of the company's therapy innovation strategy, Medtronic announced that it has signed a definitive agreement to acquire Twelve, a medical device company focused on the development of a transcatheter mitral valve replacement, or TMVR device. Twelve is the twelfth company spun out from the premier medical device incubator The Foundry. Medtronic has agreed to pay up to $458M for Twelve including $408M at closing and $50M on achievement of CE Marking. The cash- and debt-free transaction remains subject to customary closing conditions, and is expected to close in October 2015.

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