Medtronic CEO Ishrak nixes spine spinout (MassDevice)
Medtronic CEO Omar Ishrak puts the kaibosh on suggestions that the company ditch its spine business, saying all parts add value – except Physio-Control.
Medtronic (NYSE:MDT) CEO Omar Ishrak put the kaibosh on a spinout for the company's spine business, telling Reuters that all of the company's parts add up to a greater whole, with one notable exception – its Physio-Control external defibrillator unit.
"[O]ur assessment is that the different pieces of Medtronic [together] actually add value," Ishrak told the news service, but added that the company is still considering a sale of Physio-Control.
The Minneapolis-area medical device giant is keeping an eye on equity markets with an eye toward timing a sale, he said.
Medtronic has been shopping the business since 2006, saying it would do better as a stand-alone operation. But Physio-Control has been a headache since the company first announced its desire to sell, due to a series of recalls in 2009 and 2010.
Although bearish on Physio-Control, Ishrak was bullish on ahigh blood pressure treatment that began a pivotal clinical trial last week. Medtronic and acqui...
