Acquisitions, leadership changes & more: 6 big moves from Medtronic

Spinal Tech

Medtronic has made several big moves this year, including leadership changes, acquisitions and robotic investment.

Six big moves from Medtronic:

1. In July, the company entered into an agreement to acquire Medicrea, a spine device company that includes artificial intelligence, predictive modeling and patient-specific implant offerings. The acquisition is expected to boost Medtronic's presence in the enabling technologies and spine markets. The transaction is set to close by the end of 2020.

2. Medtronic and Titan Medical entered into a licensing and development agreement for robotic assisted surgery technologies in June. The company will pay Titan Medical up to $31 million in a series of payments to license select technologies. In a separate agreement, Medtronic paid $10 million to Titan to license certain robotic assisted surgical technologies. 

3. Omar Ishrak retired as Medtronic CEO in April and transitioned to executive chairman, after a nine-year stint as head of the medical device company. Geoff Martha, who previously served as senior vice president of strategy and business development, assumed the role of CEO.

4. In March, Medtronic withdrew its Infuse Bone Graft/LT-Cage Lumbar Tapered Fusion device from the Australian market. The decision came after a whistleblower revealed that the device was being widely used in unapproved ways without the cage designed to contain it.

5. Fourth-quarter revenue at Medtronic dropped 26 percent during the pandemic, hitting $6 billion. The company's restorative therapy group, which includes spine, pain and brain divisions, reported a 5.6 percent drop in fiscal year 2020 revenue to $7.72 billion.

6. In January, Medtronic acquired Stimgenics, developer of the Differential Target Multiplexed spinal cord stimulation therapy. The DTM spinal cord stimulation therapy is a programming option used to treat patients with chronic pain and is administered through the Medtronic Intellis system.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Webinars

Featured Whitepapers