Will Medtronic Emerge from the Pandemic Even Stronger?

As MD+DI reported in April, Medtronic was already bracing for its fiscal fourth quarter to reflect significant revenue declines, thanks to COVID-19.  But CEO Geoff Martha said the company is focused on emerging from this pandemic even stronger. He even hinted that we could see more tuck-in acquisitions going forward, as the current environment does make it a good time for M&A. Given the progression of COVID-19 around the world and the timing of the company’s fiscal quarter, Medtronic’s fourth quarter includes an additional month of impact compared to companies that operate on a calendar-based fiscal year. "So now, as the world begins to recover, we're focused on emerging from this pandemic even stronger," Martha said during the company's fiscal fourth quarter earnings call this week, which also happened to be his first earnings call as CEO. "We're executing strategies and supporting investments that others in our industry, who are in a different financial position, have been unable to make. We're harnessing new partnerships, cutting through the bureaucracy, and operating at a high sense of urgency and speed. We're also sharpening our competitive edge to drive an even higher level of performance." On April 27, Martha took over for Omar Ishrak, who served as Medtronic's CEO since June 2011 and led the company through some major milestones. Martha said that, for competitive reasons, he would ...
Source: MDDI - Category: Medical Devices Authors: Tags: COVID-19 Business Source Type: news