
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
Figure out How to Pick a Crematorium: Key Contemplations. - 2
Step by step instructions to Protect Your Senior Condo for Ideal Wellbeing and Solace - 3
21 Things You Ought to Never Share with Your Childless Companion - 4
6 Exercises to Anticipate in 2024 - 5
Figure out How to Streamline Eco-friendliness in Your Volvo XC40
Moderna to complete US mRNA manufacturing network with $140 million investment
Judge sets $60K bond for Florida congresswoman accused of stealing $5M in COVID-19 funds
They died 'doing what they loved': The stories of workers in their 80s who died on the job
Underestimated Metropolitan Experience Urban communities On the planet
Building a Maintainable Closet: Individual Excursions in Moral Style
Don't plan to cook on Thanksgiving? Here are the restaurants and fast food places that are scheduled to be open
Travel Through France's Most Iconic Wine Regions By Train On An Immersive Seven-Day Journey
True to life Authenticity d: A Survey of \Certifiable Stories\ Narrative
Invigorating Spots To Go Kayaking All over The Planet













