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Medtronic plc

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Over the last three months, Medtronic has been observed to underperform the broader industry. We note that, escalating costs and expenses are weighing on margins. Also, unfavorable foreign exchange continues to remain a drag. On a positive note,  we observe that apart from displaying successful integration and achievement of synergy targets, Medtronic’s major business groups continue to contribute to top-line growth which highlighted sustainability across all segments and geographies. Recently, the company announced the receipt of regulatory approval from the Japanese MHLW for its IN.PACT Admiral Drug-Coated Balloon. The stabilizing trend in the global Cardiac Rhythm & Heart Failure (CRHF) market is another upside. We are also encouraged by the solid growth trend, continuing in the U.S. as well as the healthy global acceptance of its advanced therapies.


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