Every medical device company along with consumer staples (Pepsi, Coke) is down 20% in the last 3 months, this is not just Medtronic, reason for that is the prevalent use of GLP1 or-l therapies by Novonordisk and Eli Lilly which potentially reduces weight by 25% for obese people, hence the theory that people won’t need medical devices as much as they do now. It’s going to be approved by FDA soon, so Wall Street is getting ahead of it. This has nothing to do with Geoff
Other reason why we are declining is the poor “engineering” and “execution” Just look at disaster RDN where we spent billions and are gearing towards a product which may not even be approved by FDA, we don’t even do trail design properly. Another example is the disaster Navion recall which was again poor design and quality problems. Why aren’t CVG the design and quality teams held accountable for this ? That’s the real reason why our pipeline is choked and we are doing poorly.
All these problems started way before Geoff was even CEOs.