Medtronic to Separate Patient Monitoring and Respiratory Interventions Businesses

Medtronic plc (Dublin, Ireland) has announced its intention to pursue a separation of the company's combined Patient Monitoring and Respiratory Interventions businesses ("NewCo"), which reside in the Respiratory, Gastrointestinal & Renal division within the company’s Medical Surgical Portfolio. The Patient Monitoring technology portfolio includes Nellcor pulse oximetry, Microstream capnography, BIS brain monitoring, INVOS perfusion monitoring, and HealthCast connected care solutions. The Respiratory Interventions technology portfolio includes Puritan Bennett ventilators, Shiley airway portfolio, McGrath MAC video laryngoscopy, DAR breathing systems, as well as PAV+, NIV+ and IE Sync ventilation software solutions designed to improve workflow and care delivery.

The decision to pursue a separation is a part of its ongoing portfolio assessment and will enable greater investment focus in the areas of highest strategic priority across Medtronic, as well as facilitate the execution of its leadership strategy in attractive medtech markets that leverage the company's strengths. Following the separation of NewCo, Medtronic will have a more streamlined portfolio with sharpened focus on deploying capital into opportunities most aligned with its long-term growth strategies. NewCo is expected to be a premier partner for connected care solutions with best-in-class brands and leading positions in patient monitoring and critical care.

NewCo is expected to be ideally positioned to deliver expanded value creation through global scale and commercial reach to drive increased penetration in core strategic markets; connected care solutions to drive increased share within existing customer accounts globally; and investments in innovation to drive technology leadership, new parameter expansion, and expand its addressable market segments. Medtronic expects the separation to be completed in the next 12 to 18 months subject to the satisfaction of closing conditions.

"We are executing on our portfolio management strategy, taking action to create value for Medtronic and our shareholders. This separation will allow Medtronic to focus our company and our capital on opportunities better aligned with our long-term strategies to accelerate innovation-driven growth, and will position NewCo to unlock value. Independently, NewCo will be a leading connected care company with a compelling leadership position, attractive margins, and potential for growth acceleration with increased investment and dedicated capital allocation," said Geoff Martha, chairman and CEO of Medtronic. "Looking ahead, we remain focused on active portfolio management with an ongoing process of evaluating potential additions and subtractions to further accelerate Medtronic's growth over the long-term."

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