Medtronic was founded in 1949. Originally, an Irish medical technology development company, it has its roots in Dublin, but we would find the company's headquarters in the USA. It can be classified as one of the world leaders in medical technology development, with operations in over 150 countries.

We would find more than 49,000 patents in Medtronic's portfolio, the company invested approximately $2.5 billion in research and development, and we could go on and on… Not every company can boast such milestones. Recent achievements include obtaining FDA approval for the latest generation of coronary stent system drugs. One of the company's goals is to push innovation and remove barriers in care so that as many people as possible can benefit from these life-improving innovations.

ESG approach

Medtronic also strives to be beneficial in its approach to the environment. This is evidenced by an award from 3BL Media, which included Medtronic in its annual 100 Best Corporate Citizens, highlighting and recognizing its excellent ESG approach, transparency, and performance among the 1,000 largest U.S. companies.

Results

The company's quarterly results were released in February. To assess the stock's development, Medtronic experienced a mixed quarter. Reported sales during February did not meet forecasts, and the adjusted quarterly earnings exceeded estimates by a cent at $1.37 per share. The company said its latest quarter was driven by strong demand for its cardiac devices. Medtronic has four operational and reportable segments – the Cardiovascular Portfolio, the Medical Surgical Portfolio, the Neuroscience Portfolio and the Diabetes Operating Unit, which are primarily dedicated to medical therapy.

Medtronic PLC performance over the last 5 years. (Source: Investing) *

Financial indicators

As of January 28, 2022, Medtronic PLC's revenue increased 8% to $23.6 billion. For ordinary shareholders, net income rose 58% to $3.55 billion. Revenues clearly reflect the Cardiovascular & Vascular segment increasing 8% to $8.46 billion, the Restorative Therapies Group segment increasing 10% to $6.48 billion, the rest of the world segment increasing 9% to $11.48 billion, and the United States segment increasing 6% to $12.04 billion. 

Although sales stagnated in the last reported quarter, profits grew. The healthcare segment and the companies in it can be a “safe haven” for investors these days. Medtronic is one of the largest companies, and its $145 billion market value makes it a significant leader in the industry and an interesting opportunity for investors. 

* Past performance is no guarantee of future results