Mazor manufactures robotic-assisted guidance systems for surgeries and the company’s Mazor X and Renaissance systems are being used in several countries worldwide. Medtronic expects Mazor’s guidance systems to be a significant addition to its portfolio of products and hopes the deal will open up new opportunities in the surgical space.
Last month Medtronic reported first quarter results that topped analyst expectations. The company saw its highest revenue growth in emerging markets and non-US markets while revenues in the US dropped 4% year-over-year. The company also raised its sales outlook for the full year of 2019.
Medtronic stock is up 20% thus far this year and looking at the past three months, the stock is up 12%. The stock was trading down slightly at $97.20 as of 1:35 pm ET.