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MEDTRONIC IS PARTNERING WITH NVIDIA TO CREATE POTENTIALLY GAME-CHANGING TECH. IS
THE STOCK A BUY?

By Adria Cimino – Apr 25, 2023 at 1:14PM


KEY POINTS

 * Medtronic will use Nvidia AI technology to detect precancerous tissue earlier
   -- and improve patient outcomes.
 * The medical device giant sees AI as the key to personalized medicine.
 * 10 stocks we like better than Medtronic Plc


NYSE: MDT


MEDTRONIC PLC



Market Cap


Today's Change
Arrow-Thin-Down
(%) 
Current Price
$89.69
Price as of April 25, 2023, 3:00 p.m. ET

You’re reading a free article with opinions that may differ from The Motley
Fool’s Premium Investing Services. Become a Motley Fool member today to get
instant access to our top analyst recommendations, in-depth research, investing
resources, and more. Learn More


MEDTRONIC MAY BE AMONG THE COMPANIES TO DOMINATE THE AI HEALTHCARE MARKET.

Medtronic (MDT) is not new to innovation. The medical device giant sells a broad
range of cutting-edge products, such as the Hugo robotic surgery system and the
world's first insulin pump featuring meal detection technology to regulate
insulin levels. Medtronic's products are used worldwide to address more than 70
health problems.

This portfolio has brought the device maker billions of dollars in revenue and
profit. But the company's growth may not have reached its maximum. In fact, one
particular thing might spur a new wave of growth at Medtronic. The company
recently partnered with Nvidia on an artificial intelligence (AI) project -- and
it could be a game changer for doctors, patients, and the company. Does this
make Medtronic stock a buy? Let's find out.


MEDTRONIC AND AI

First, a little background on Medtronic and AI. Medtronic has been exploring and
using AI for some time. In fact, its work in the area is already bearing fruit.

For example, it's the only company that has scored U.S. Food and Drug
Administration (FDA) clearance for spine surgery predictive models. Last year,
the company won regulatory clearance for its UNiD spine analyzer 4.0 platform --
a massive surgical database that powers algorithms to help surgeons better
predict eventual spinal alignment. AI allows surgeons to visualize the most
likely outcomes for a particular patient, and that helps them better plan their
procedures.

AI "is the key to unlocking a new level of personalized medicine in the 21st
century," Bob White, executive vice president of Medtronic's medical surgical
portfolio, is quoted as saying on the company's website.



The company has even defined a "AI compass," a list of guiding principles for
the company to use when applying AI to healthcare. So it's fair to say Medtronic
is going all-in on AI.

Let's move on to the latest news. Medtronic is already using its AI tool GI
Genius to detect polyps that may lead to colorectal cancer. Now Medtronic is
planning to integrate Nvidia Holoscan and Nvidia IGX to further help doctors
identify precancerous tissue using "AI-enhanced" diagnostic images.

The partnership also aims to create a broad platform of AI that can
progressively improve diagnostics and result in better outcomes. The idea is
that third-party developers will be able to create AI tools that may be
distributed through GI Genius. A third partner, Cosmo Pharmaceuticals, is
running an innovation center website, allowing developers to build and test
potential AI software that may one day become part of the GI Genius platform.

This is exciting because Medtronic may benefit from its own technology and that
of Nvidia -- and because outside talent may eventually contribute to GI Genius.



"The possibility for GI Genius to host multiple real-time AI applications is a
game changer," said Giovanni Di Napoli, president of Medtronic's
gastrointestinal business, in a press release.

Arrows-In Collapse



NYSE: MDT

Medtronic Plc
Today's Change
(%) $0.00
Current Price
$89.69
Arrow-Thin-Down
YTD1w1m3m6m1y 5y
+10.33%
Price VS S&P
MDT


KEY DATA POINTS

Market Cap

Day's Range
$89.43 - $91.00
52wk Range
$75.77 - $108.25
Volume
3,910
Avg Vol

Gross Margin
0.00%
Dividend Yield
N/A


A GROWING AI HEALTHCARE MARKET

It's also important to keep in mind that the global market for AI in healthcare
is forecast to expand at a compound annual growth rate of more than 37% from
next year through 2030, according to Grand View Research. Those who establish
themselves as leaders have a lot to gain.

Medtronic is among the top five medical device companies worldwide poised to
dominate in the AI healthcare world, according to research company GlobalData.
Still, competition may be tough. That top five includes other heavyweights, like
Johnson & Johnson, which spent almost $15 billion on research and development
(R&D) last year.

We don't have full-year results for Medtronic yet, but in the first nine months
of the fiscal year, the company spent about $2 billion on R&D. So J&J has the
resources to take the lead, but that won't necessarily weigh on Medtronic as
more than one player may benefit from an AI revolution.




EARNINGS AND GROWTH

Does this AI deal with Nvidia make Medtronic a buy? The efforts in AI are a big
plus, but I wouldn't buy Medtronic for its AI efforts only. I would consider the
company's general earnings picture and growth prospects as well.

And in these areas, you'll find more reasons to like Medtronic. The company has
increased earnings over time.



MDT Net Income (Annual) data by YCharts

Today it's streamlining its portfolio by spinning off its patient monitoring and
respiratory interventions businesses. It's completed acquisitions that should
boost growth -- like that of Affera, which strengthens its cardiac ablation
portfolio. And over the past year, Medtronic has won more than 150 product
approvals in major geographies. Medtronic also puts a focus on R&D investment,
targeting growth at or above revenue growth.

So what do investors have to pay for all of this?



MDT PE Ratio data by YCharts

Medtronic trades for 29 times trailing-12-month earnings. That's around its
lowest levels over the past decade. This looks dirt cheap. That's because
Medtronic's focus on AI -- and its new products and efforts right now -- should
lead to solid long-term growth. That makes this top healthcare stock a buy
today, one that could deliver big over time.


SHOULD YOU INVEST $1,000 IN MEDTRONIC PLC RIGHT NOW?

Before you consider Medtronic Plc, you'll want to hear this.

The Motley Fool Stock Advisor analyst team just revealed what they believe are
the 10 best stocks for investors to buy right now... and Medtronic Plc wasn't
one of them.

Stock Advisor is the online investing service that has beaten the stock market
by 3x since 2002*. And right now, they think there are 10 stocks that are better
buys.

See the 10 stocks



*Stock Advisor returns as of April 24, 2023





Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has
positions in and recommends Nvidia. The Motley Fool recommends Johnson &
Johnson. The Motley Fool has a disclosure policy.

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STOCKS MENTIONED

Medtronic Plc
MDT
$89.69 (%)


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