
Jan 12 (Reuters) - Medtronic has "significant firepower" to pursue acquisitions as the medical device maker evaluates opportunities to expand its portfolio, executives said at a major industry conference that kicked off on Monday in San Francisco.
The medical device maker has been eyeing tuck-in deals as it seeks to diversify its portfolio, particularly in cardiology and neuroscience, with CEO Geoff Martha in November saying that they would prefer companies in "early stage or close to market."
The company's balance sheet gives it flexibility to execute a "meaningful number" of transactions without financial strain, Chief Financial Officer Thierry Piéton said at the J.P. Morgan healthcare conference on Monday.
"What's changing versus the last few years is coming back to doing more M&A," he said, adding that Medtronic's dividend policy remains unchanged.
Medtronic, which makes devices ranging from pacemakers to insulin pumps, reported a 3.7% rise in revenue to $33.6 billion in fiscal 2025.
The company is targeting deals in the low- to mid-single-digit billions of dollars, choosing targets that will supplement its internal R&D efforts, Martha said on Monday. The company has set up a new committee at the board level to move faster on deals, he added.
The executives said Medtronic is focused on two themes, expanding in areas where it already competes and acquiring enabling technologies for procedures such as cardiac ablation and surgical robotics.
The company has spent recent years improving operations by divesting non-core units and plans to spin off its diabetes business as MiniMed Group through a U.S. initial public offering following its struggles over the last few years.
It also added two new directors to its board last year after activist investor Elliott Investment Management emerged as one of its largest shareholders.
Medtronic now sees itself positioned to pursue strategic opportunities.
"We've earned the right to do these acquisition, and we've got the capacity, so we're going to step up," Piéton said.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Alan Barona and Leroy Leo)
latest_posts
- 1
Hungary's 'water guardian' farmers fight back against desertification - 2
Conquering Language Boundaries: Individual Accounts of Multilingualism - 3
Check out the exclusive pitch deck Valerie Health used to raise $30 million from Redpoint Ventures to automate healthcare faxes - 4
Chris Noth responds to backlash after seemingly shading 'Sex and the City' costar Sarah Jessica Parker: 'It is not news' - 5
Step by step instructions to Choose the Right Internet based Degree Program for Your Future
Doctors thought he had cancer. An offhand suggestion led to a rare diagnosis.
He suddenly couldn't speak in space. NASA astronaut says his medical scare remains a mystery
Air Force made critical errors during October 7 massacre, investigator says
Netanyahu vows to ‘return Negev to Israel,’ pledges settlement growth during visit
Must-See Attractions in France
A 'rampaging lion' nebula roars to life in a stunning deep-space photo
Find the Wonders of the Silk Street: Following the Antiquated Shipping lanes
Wolf bites woman in a shopping area in Germany's 2nd-biggest city
Several injured as man threatens attack on German high-speed train













