Here are five key notes:
1. Medtronic has made a net $9.3 billion available for general company spending.
2. In an SEC filing, Medtronic reported reorganizing the Covidien business to reduce cash and investments that U.S.-controlled subsidiaries abroad hold.
3. Medtronic reported the restructuring gives financial flexibility and “increased the company’s ability to meet financial commitments,” in the filing, according to the report. Those commitments include achieving an ‘A’ credit profile by reducing debt to earnings ratio by 2018’s fiscal year end.
4. The company plans to return at least 50 percent of its free cash flow to shareholders through dividends and share repurchases.
5. This one-time payment isn’t expected to affect Medtronic’s revenue outlook or earnings over the current fiscal year, according to the report.
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CONMED names Nathan Folkert VP, general manager of orthopedics business
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