Medtronic (NYSE:MDT) CEO Omar Ishrak said yesterday that the medical device titan is planning to use the billions in foreign cash it gained access to when it acquired Covidien to buy up early-stage technologies and add them to its product pipeline.
Fridley, Minn.-based Medtronic paid $50 billion for Covidien in January, allowing it to re-incorporate in Ireland. That, in turn, allows the company to spend the cash generated overseas without paying U.S. income tax on top of local taxes. Ishrak, discussing Medtronic’s 4th-quarter results with analysts yesterday, said some of that cash will go to acquiring medical device startups.
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