|Medtronic to Acquire Nutrino Health|
Acquisition to Augment Diabetes Capabilities with Nutritional Database and Data Science
DUBLIN and TEL AVIV, Israel - November 21, 2018 - Medtronic plc (NYSE:MDT), a global leader in medical technology, and Nutrino Health Ltd., a leading provider of nutrition-related data services, analytics, and technologies, today announced the companies have entered into a definitive agreement under which Medtronic will acquire Nutrino. Given that food and nutrition are central components in effective diabetes management, the companies recognized an opportunity to improve clinical outcomes for people with diabetes by integrating Nutrino's extensive food analysis infrastructure, nutrition science expertise and artificial intelligence (AI)-driven personalized insights with Medtronic's technology and future innovations.
The Diabetes Group at Medtronic is focused on innovating diabetes management resources to improve the lives of people with diabetes. Medtronic will add Nutrino's comprehensive food database, food analysis system and nutrition-science expertise to its capabilities, upon closing of the transaction. In addition, Nutrino has been developing algorithms to predict glycemic responses to food. By leveraging Nutrino's technology and infrastructure with continuous glucose monitoring (CGM) and industry-leading closed loop systems, Medtronic can help reduce the substantial physical and mental burden of food and nutrition management for people with diabetes.
"Bringing Nutrino and their nutrition-related expertise into our organization will give us a substantial differentiator in the diabetes industry and accelerate our progress to help people with diabetes live with greater freedom and better health," said Hooman Hakami, executive vice president and president of the Diabetes Group at Medtronic. "The Nutrino team has been an outstanding partner over the past few years. We are excited to welcome them to our team, and I have no doubt that, together, we will make a profound impact on the lives of people with diabetes."
This transaction will build on a relationship originated in June 2016. Nutrino played a role in recent U.S. product introductions from Medtronic, including the updated iPro(TM)2 myLog app used with professional CGM solutions as well as the Sugar.IQ(TM) diabetes assistant app used with the Guardian(TM) Connect smart CGM system.
The acquisition is expected to close in Medtronic's third fiscal quarter, ending January 25, 2019, subject to the satisfaction of certain customary closing conditions. The transaction is expected to be neutral to fiscal year 2019 earnings per share and meet Medtronic's long-term financial metrics for acquisitions. Additional terms of the transaction were not disclosed.
"The Nutrino team is passionate about personalized nutrition data services and technologies. Our work in the diabetes space is helping to address the needs of a growing population that needs better tools and guidance," said Yael Glassman, CEO of Nutrino Health. "We are excited to now focus completely on the intersection of nutrition and diabetes to help more people be able to better manage their condition."
About the Diabetes Group at Medtronic (www.medtronicdiabetes.com)
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.