Medtronic (NYSE: MDT) is boosting its research and development spending in fiscal year 2022 by more than 10%, which CEO Geoff Martha described as the largest dollar increase ever for the Fridley, Minn.-based medtech giant.
“The investments we’re making in our pipeline will play a key role in accelerating our top-line growth, and we’re at the front end of some large opportunities to win share, create new markets and disrupt existing markets,” he said in a quarterly earnings call with investors and analysts this week.
Topping Medtronic’s list of golden opportunities are its renal denervation treatment for hypertension and its Hugo soft tissue robotic-assisted surgery system, two areas where Medtronic executives see multibillion-dollar businesses.
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