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:

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Medtronic CEO says business is recovering faster than expected

Medtronic has published no formal guidance on what investors can expect in the next six months, but executives have been projecting confidence that the medical device maker is ready to capitalize in a down market.

In a telephone interview ahead of a company investor presentation Wednesday, Medtronic CEO Geoff Martha said health care markets in the U.S. and Europe have been recovering from the COVID-related slowdowns faster than expected.

The result is that Medtronic could return to a normal level of growth in revenue and profits by January, Martha said. That’s an upgraded outlook since August.

“We … told investors on our earnings call in August that we would be back to our normal level of growth, that single-digit revenue growth, and our normal level of profitability, by the end of our fiscal year in April 2021. But things are moving faster and improving even better than what we thought,”

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