
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
This Miraculous, Cliff-Perched Town In The South Of France Is A Sacred European Gem - 2
UNICEF: More than 100 children killed in Gaza since ceasefire - 3
Opening Potential: Self-awareness and Long lasting Learning - 4
Bismuth’s haredi draft bill won’t change enlistment, IDI expert tells 'Post' - 5
How to sound like an astronaut as you follow the first human moon mission in more than half a century
Happy with Running Shoes for 2024
Finding China: Four Urban areas for a Remarkable Excursion
Help Your Insusceptibility: Good dieting and Way of life Tips
Best Wellness Tracker Keep You On target
Moving Pool Highlights for 2024
Must-See Public Parks from Around the Globe
Vote In favor of Your Favored Pet Consideration Administration
The 15 Most Rousing TED Chats on Self-awareness
The Way to Monetary Health: Individual budget Change













