GALWAY, Ireland - Medtronic plc (NYSE:MDT) announced today strategic investments in two companies developing intracardiac echocardiography catheter technologies, according to a press release statement.
The investments include Beluga Medical, a premarket-stage company in California developing an ICE product, and CardioACC, an early commercial-stage company based in Shenzhen, China. CardioACC received National Medical Products Administration approval for its ICE system in 2025.
ICE catheters provide real-time imaging of the heart during electrophysiology procedures for cardiac arrhythmias such as atrial fibrillation. Medtronic plans to integrate ICE technology into its Affera mapping and ablation system.
"ICE catheters are an important component of ablation procedures today, and we intend for our Affera platform to evolve to include this capability," said Rebecca Seidel, president of the Cardiac Ablation Solutions business.
Both ICE catheter companies will continue to operate independently.
Medtronic’s cardiac ablation business includes the PulseSelect Pulsed Field Ablation System, available in more than 35 countries, and the Sphere-9 catheter, approved in the United States, Europe, Australia, New Zealand and Japan. The Sphere-360 catheter is approved in Europe and investigational in the United States.
The company, headquartered in Galway, Ireland, employs more than 95,000 people across more than 150 countries. With a market capitalization of $94.7 billion, Medtronic’s stock currently trades at $73.75, near its 52-week low. According to InvestingPro analysis, the stock appears undervalued, suggesting potential upside for investors. The company maintains a strong dividend yield of 3.85% and generated $35.5 billion in revenue over the last twelve months. For deeper insights, investors can access Medtronic’s comprehensive Pro Research Report, one of 1,400+ available reports transforming complex data into actionable intelligence.
In other recent news, Medtronic PLC has announced its intent to acquire SPR Therapeutics for approximately $650 million in cash. This acquisition will integrate SPR’s FDA-cleared SPRINT PNS System into Medtronic’s neuromodulation portfolio, enhancing its offerings in chronic pain management. Additionally, Medtronic is collaborating with Orchestra BioMed on the BACKBEAT Global Pivotal Trial, focusing on a therapy for patients with uncontrolled hypertension. The primary endpoint results are expected to be submitted for consideration at a major cardiology conference in the second quarter of 2027.
Furthermore, Goldman Sachs has reinstated coverage on Medtronic with a Neutral rating, setting a price target of $84.00. This rating suggests a potential upside of approximately 7.5% from the market close on May 20. Medtronic is also preparing to report its earnings on June 3, with historical data indicating that the company’s stock often exceeds predicted price movements during earnings announcements. These developments highlight Medtronic’s ongoing strategic initiatives and market evaluations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
ProPicks AI evaluates MDT alongside thousands of other companies every month using 100+ financial metrics. Using powerful AI to generate exciting stock ideas, it looks beyond popularity to assess fundamentals, momentum, and valuation. The AI has no bias—it simply identifies which stocks offer the best risk-reward based on current data with notable past winners that include Super Micro Computer (+185%) and AppLovin (+157%). Want to know if MDT is currently featured in any ProPicks AI strategies, or if there are better opportunities in the same space?