Medtronic (NYSE: MDT) is a medical technology company that designs, develops, and manufactures a wide range of medical devices. The company's operational headquarters are in Minneapolis, Minnesota, while its legal headquarters are in Ireland. Medtronic has been listed on NYSE since 1980. Medtronic was the largest medical device company in the world by revenue in 2022, having generated USD 31.7 billion during the year.
Medtronic's four operating segments primarily develop, manufacture, distribute, and sell device-based medical therapies and services. The Cardiovascular Portfolio is made up of the Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions. The Medical Surgical Portfolio is made up of the Surgical Innovations & Respiratory, Gastrointestinal, and Renal divisions. The Neuroscience Portfolio is made up of the Cranial & Spinal Technologies, Specialty Therapies, and Neuromodulation divisions. The Diabetes Operating Unit develops, manufactures, and markets products and services for the management of Types 1 and 2 diabetes.
The US market accounted for ~51% of Medtronic’s total revenue in 2022, followed by non-US developed markets (~32%) and emerging markets (~17%). In October 2022, Medtronic announced its intention to spin off its Patient Monitoring and Respiratory Interventions businesses into a new entity. In the same announcement, Medtronic stated that its future capital allocation strategy would focus on higher-growth markets and revenue acceleration. Medtronic targets to reach the net-zero status by 2045.
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