MINNEAPOLIS--(BUSINESS WIRE)--Medtronic, Inc. (NYSE:MDT - News) today announced the formation of Medtronic CardioVascular, a new, global business combining Medtronic’s existing Vascular and Cardiac Surgery businesses. The new CardioVascular business at Medtronic will bring together people, technology and worldwide operations focused on delivering products, treatments and therapies for coronary artery, vascular and structural heart disease. The new business will have combined revenues of approximately $1.9 billion (FY07) and will consist of four major divisions:
Coronary and Peripheral - minimally invasive catheter and stent-based technologies for the treatment of atherosclerosis; Endovascular Innovations - stent grafts for the treatment of aortic abdominal and thoracic aneurysms; Structural Heart Disease - products for the treatment of heart valve disease and atrial fibrillation; and Revascularization and Surgical Therapies - open heart and coronary bypass grafting surgical products The four core divisions will remain in their current locations but will leverage common business processes and specific functional infrastructure while expanding scientific knowledge and engineering capabilities to advance cardiovascular care.
“Medtronic is combining these two world-class organizations to more strategically align our resources and investments aimed at treating and improving the lives of patients with cardiovascular disease,” said William Hawkins, president and chief operating officer of Medtronic. “This new business unit also provides Medtronic the opportunity for more growth, as we translate certain efficiencies gained by this combination into new investments in research, clinical studies and technology.”
The new CardioVascular business unit will be led by Scott Ward, who currently serves as senior vice president and president of the company’s Vascular business. Ward joined Medtronic in 1981 and has been president of the Vascular business since May 2004. Prior to his current position, Ward served as president of the company’s Neurological and Diabetes businesses.
“The new CardioVascular business will assemble an exceptional collection of people, technology and global operations that will be focused on collaborating with physicians to improve the quality of care for people with cardiovascular disease,” said Ward. “Medtronic will continue to be a powerful innovative force supporting the convergence of cardiovascular specialties focused on applying both surgical and minimally invasive approaches to patient care.”
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology, alleviating pain, restoring health and extending life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s Annual Report on Form 10-K for the year ended April 28, 2006. Actual results may differ materially from anticipated results.
Contact: Medtronic, Inc. Public Relations: Rob Clark, 763-505-2635 or Investor Relations: Martha Goldberg Aronson, 763-505-2694
Source: Medtronic, Inc.
