The two businesses contributed $2.2 billion, or around 7%, to Medtronic’s revenue, according to data from CNBC. The spinoff, NewCo, was intended to allow for greater investment in the areas of “highest strategic priority” and help execute Medtronic’s leadership strategy in attractive medtech markets.
However, in the wake of the spinoff, Medtronic no longer invests in patient monitoring or respiratory care lines, according to its investments website.
In addition, nothing has happened with NewCo or Medtronic’s former businesses, and the spinoff company does not have a presence online.
