Medtronic plc completes CathWorks acquisition to boost coronary disease detection

Medtronic plc, a global leader in healthcare technology, announced it has completed its acquisition of CathWorks, a privately held medical device company, which aims to transform how coronary artery disease (CAD) is diagnosed and treated. The acquisition follows a 2022 strategic partnership with a co-promotion agreement for the CathWorks FFRangio System where it is commercially available in the U.S., Europe and Japan. The acquisition is valued at $585 million with potential undisclosed earn-out payments post-acquisition.

"With the acquisition of CathWorks by Medtronic, we are boldly redefining the future of cardiovascular care," said Ramin Mousavi, president and chief executive officer of CathWorks. "As I reflect on our long-term partnership, I am deeply grateful and proud of what we've accomplished together. This deal is a testament to CathWorks' and Medtronic's shared commitment, vision, and relentless drive to revolutionize the cath lab and deliver better solutions for patients living with cardiovascular disease. Together, we have ushered in a new dawn in cardiovascular diagnosis and patient outcomes."

"The acquisition of CathWorks significantly enhances Medtronic's interventional cardiology portfolio with an innovative system that empowers physicians with data-driven insights for the diagnosis and treatment of coronary artery disease," said Jason Weidman, senior vice president and president of the Coronary & Renal Denervation business, part of the Cardiovascular Portfolio at Medtronic. "Through our global footprint, welcoming CathWorks to Medtronic will expand access to the transformative FFRangio technology for our customers and their patients worldwide."

"The acquisition of CathWorks is the latest example of our commitment to purposeful investment and strategic tuck-in acquisitions to advance the Medtronic innovation strategy," said Skip Kiil, executive vice president and president, Cardiovascular portfolio at Medtronic. "This positions Medtronic at the forefront of digital transformation in cardiovascular, allowing us to deliver next-generation solutions for physicians and their patients."