Medtronic highlights development strategy; raises revenue growth outlook (NYSE:MDT)

Medtronic (NYSE:MDT) will outline its strategy for driving accelerated revenue growth and sustainable double-digit total shareholder returns at its virtual 2020 Investor Day. The strategy includes:

The combination of a strong base business, recent product launches and a robust pipeline is expected to accelerate near- and long-term growth.

Medtronic is bringing inventive and disruptive technology with products such as soft tissue surgical robot, its Micra line of leadless pacemakers, extravascular ICD, pulse field ablation, PillCam Genius, transcatheter mitral replacement and repair, and renal denervation (RDN). RDN has been granted Green Channel priority review, which positions it for potential approval in China within a few months of an expected U.S. approval in calendar 2022.

The company has a differentiated R&D strategy that maximizes new technology, artificial intelligence, and analytics to deliver innovations to address unmet clinical needs.

Medtronic will provide an update on its long-range financial targets. The financial objectives include:

5%+ annual organic revenue growth, an increase from the prior 4%+ long-range target;

8%+ adjusted EPS CAGR;

Greater than 80% cash conversion ratio, with a commitment to return more than 50% of its FCF to shareholders; and

Dividend growth in line with earnings growth.

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