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DUBLIN, March 29, 2020 (GLOBE NEWSWIRE) -- Medtronic plc (NYSE:MDT) issued the following statement regarding a New York Times article mentioning Medtronic on March 29, 2020:
Medtronic seeks to provide additional facts regarding the New York Times article entitled "The U.S. Tried to Build a New Fleet of Ventilators. The Mission Failed.", dated March 29, 2020. The article lacks important information regarding Newport Medical's contract with the U.S. Government.
Medtronic, who had no relationship with Newport Medical and who did not purchase Covidien until 2015 - nearly three years after the contract dissolved - had no prior knowledge of or involvement in this contract in any manner.
Since the outset of COVID-19 in early 2020 in China, Medtronic has ramped up production of its high-performance ventilators by more than 40 percent. The company's employees are working 24/7 across multiple shifts to produce as many high-performance ventilators as possible - from a production level of approximately 100 PB980 ventilators pre-pandemic to more than 225 vents per week to date with plans to double that again to more than 500 vents per week. In addition, the company is working with third parties to explore other non-traditional mechanisms to increase production of ventilators, including providing its intellectual property and ventilator designs to the public for third-party ventilator production.
Medtronic's review and understanding of the facts regarding Newport Medical are as follows:
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
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