Medtronic Initiates Restructuring Program To Save Up To $475M Annually
The medtech giant will simplify its organizational structure, consolidate operations and give more autonomy to its individual operating units.
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The company’s revenue was down just 1% year-over-year in the third quarter of fiscal 2021, despite the ongoing impact of the pandemic.
The medtech giant offered additional details on its ongoing restructuring plan intended to make the company more competitive.
Medtronic’s revenue of $6.5bn in the first quarter of fiscal 2021 represents a 17% fall year-over-year, but it still beat analysts’ projections.