Medtronic plc Chief Financial Officer Karen Parkhill is resigning to take a CFO position at HP Inc. The company announced the departure of Parkhill, its CFO for eight years. Medtronic Senior Vice President of Global Financial Planning and Analysis Gary Corona will serve as interim CFO while Medtronic evaluates internal and external candidates. Parkhill will leave Medtronic effective August 2, 2024 and will start at HP August 5, 2023.
Parkhill joined Medtronic as CFO in 2016, coming from financial-services company Comerica Inc. When she joined, Medtronic was struggling to convert its earnings into free cash flow following its acquisition of Covidien, affecting the company's valuation. Parkhill executed a companywide training and incentive program that resulted in an 80% cash flow conversion improvement in just one year. She was named CFO of the Year by the Business Journal in 2021.
Parkhill also sits on the Board of Directors at American Express, currently chairing its Risk Committee.
Medtronic plc is one of the world leaders in designing, manufacturing and marketing of medical equipment. Net sales break down by sector of activity as follows:
- general and minimally invasive surgery (25%): surgical equipment, intra-operative monitoring systems, ventilation systems, etc.;
- cardiac rhythm management (19%): implantable cardiac pacemakers, implantable defibrillators and automatic external defibrillators, cardiac ablation probes, etc.;
- vascular diseases and cardiac surgery (18.1%): coronary stents, endoprostheses for aortal pathologies, distal protection systems, catheters, heart valve prostheses, auto-transfusion equipment, cardiac ablation devices, etc.;
- cranial and spinal technologies (14.8%): spinal prostheses, disc prostheses, cerebral stimulation systems, bone graft technologies and mini-invasive spinal surgery, etc. The group also develops medical imagery-guided surgical navigation systems activity;
- neurovascular, ear, nose and throat (ENT) and pelvic diseases (8.7%);
- diabetes management (8.2%): internal and external glycemia monitoring systems and insulin pumps;
- neurological disorders (5.7%): neurostimulation and pumped medication administration products, diagnostic tools, etc. ;
- other (0.5%).
Net sales are distributed geographically as follows: Ireland (0.3%), the United States (51.2%) and other (48.5%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
