The company has held a minority investment in CathWorks since 2018. In 2022, Medtronic entered into a strategic partnership with the coronary artery disease (CAD) technology developer. As part of that agreement, the medtech giant agreed to invest up to $75 million and immediately begin co-promotion for CathWorks’ FFRangio system in the U.S., Europe and Japan, where it is commercially available.
A separate agreement included the option to acquire CathWorks once certain undisclosed milestones are met. Now exercised, that option includes a value of up to $585 million, with potential undisclosed earn-out payments post-acquisition.
CathWorks designed its FFRangio system to combine artificial intelligence (AI) and advanced computational science to obtain quick and reliable fractional flow reserve (FFR, the diagnostic technique for evaluating the physiologic impact of coronary artery stenosis) values from routine angiograms (X-rays), eliminating the need for drug stimulation and invasive pressure wires.
The deal remains subject to FTC approval. Medtronic expects to complete that phase by the end of its fiscal 2026.
Commentary from Medtronic and CathWorks officials
Jason Weidman, SVP and president of the Coronary & Renal Denervation business at Medtronic, said:
“Medtronic is thrilled to move forward with our option to officially acquire CathWorks. Through our co-promotion agreement, we’ve seen how CathWorks can disrupt the traditional wire-based FFR segment and leverage the power of data and AI to deliver innovative solutions that assist physicians at every step of a patient’s journey, from diagnosis to treatment. This acquisition allows Medtronic to transform the cath lab with a technology that provides real-time data, informs individualized treatment approaches, and drives new standards of care.”
Ramin Mousavi, president and CEO of CathWorks, said:
“We are thrilled to have CathWorks officially become part of the Medtronic family. Our successful co-promotion over the past three years has unlocked significant opportunities in the coronary physiology market through the expanded utilization of our innovative technology. With Medtronic’s vast global footprint, FFRangio will continue to reach even more patients globally. Bringing Medtronic and CathWorks together will create a best-in-class organization focused on driving new standards of care to transform the cath lab.”
