Medtronic (NYSE:MDT) today confirmed the consolidation of its Surgical Robotics and Surgical Innovations operating units into a single Surgical operating unit and said it would not close its facilities in Colorado and Connecticut.
MassDevice was the first to report the operating unit consolidation and promotion of former Surgical Robotics President Mike Marinaro to lead the new group.
Medtronic said the consolidation took effect on Feb. 1.
“By combining these businesses, Medtronic will capitalize on one of the most attractive markets in all of healthcare — a market that is forecasted to nearly double over the next 10 years,” Medtronic said in a statement to MassDevice. “Our offices and campuses around the globe foster collaboration, build connectivity and community, drive innovation, and enable us to engage with customers. Surgical robotics operations in Colorado and Connecticut will remain open.”
Medtronic did not answer questions about cost-cutting, including how many people opted in to the voluntary early retirement program or whether Medtronic is cutting jobs in the consolidated units or elsewhere. Company officials have said there are “significant expense reductions” underway at the medtech giant. They’ve cited macroeconomic pressures, including a strong dollar and inflation.
“Medtronic continually evaluates its operations to ensure a competitive business model aimed at long-term growth aligned to the needs of our customers,” the company said.
Medtronic also confirmed its promotion of Marinaro to EVP and president of the Surgical operating unit.
“Mike is passionate about empowering individuals and teams to deliver results and providing customers with the best possible experience,” the company said. “He’s recognized for his collaborative leadership and inclusive team building and for transforming Cardiac Rhythm Management (CRM) into one of the largest, most high-performing businesses at Medtronic.”
Medtronic is among a host of companies — big and small — trying to challenge Intuitive Surgical in the soft-tissue surgical robotics space. (Here are 16 you need to know. And here are another eight.) That said, the space is highly competitive. Johnson & Johnson MedTech recently cut nearly 350 surgical robotics jobs in California.
Original Article:(https://www.massdevice.com/medtronic-surgical-robotics-surgical-innovations-operating-unit-consolidation/)
