New, independent kidney health technology company
will combine expertise from two industry leaders to drive care
transformation
DUBLIN and DENVER, April 1,
2023 /PRNewswire/ -- Medtronic plc
(NYSE: MDT) and DaVita Inc. (NYSE: DVA) today announced
the launch of Mozarc Medical—an independent new company committed
to reshaping kidney health and driving patient-centered technology
solutions.
"Mozarc Medical's focus will be on meaningful and innovative
kidney health technologies that improve the overall patient
experience and increase access to care globally," said Ven Manda, CEO of Mozarc Medical. "At a time
when patient preferences are evolving and in-home kidney care is on
the rise, Mozarc Medical is uniquely positioned to better serve
patients with kidney disease around the world."
Central to the creation of Mozarc Medical is its global
workforce, which includes the former Medtronic Renal Care Solutions
(RCS) business (now part of Mozarc Medical) and other
industry-leading talent hired to advance the new company's
strategic mission. In addition to Manda, a 28-year veteran of
Medtronic, the former RCS leadership team has also transitioned to
serve as Mozarc Medical's leadership team.
"With proven industry leadership, a strong product portfolio and
R&D pipeline, and strategic investment from Medtronic and
DaVita, Mozarc Medical is well-positioned for long-term success,"
said Manda. "I look forward to unlocking the full potential of our
new company, with a dedicated global team and innovative pipeline
that will transform kidney care."
Under the terms of the agreement, which
was announced last year, Mozarc Medical is co-owned by
Medtronic and DaVita, each with equal equity stakes. Through the
first three quarters of Medtronic's fiscal year 2023, the RCS
business had revenue of $64 million,
$63 million, and $70 million, respectively.
"The launch of Mozarc Medical holds tremendous promise to
improve the lives of patients living with kidney disease as it
seeks to revolutionize the approach to home dialysis by improving
accessibility, ease of use, and clinical performance," said Dr.
Mahesh Krishnan, group vice
president of research and development at DaVita. "Our investment in
this venture is born from our decades-long commitment to advancing
kidney care, and our aim is that it will fuel patient-centric
solutions that may not have otherwise been possible."
More information about Mozarc Medical can be found at
http://www.mozarcmedical.com.
About Medtronic
Bold thinking. Bolder actions. We are
Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global
healthcare technology company that boldly attacks the most
challenging health problems facing humanity by searching out and
finding solutions. Our Mission — to alleviate pain, restore health,
and extend life — unites a global team of 90,000+ passionate people
across 150 countries. Our technologies and therapies treat 70
health conditions and include cardiac devices, surgical robotics,
insulin pumps, surgical tools, patient monitoring systems, and
more. Powered by our diverse knowledge, insatiable curiosity, and
desire to help all those who need it, we deliver innovative
technologies that transform the lives of two people every second,
every hour, every day. Expect more from us as we empower
insight-driven care, experiences that put people first, and better
outcomes for our world. In everything we do, we are engineering the
extraordinary. For more information on Medtronic (NYSE:MDT), visit
www.Medtronic.com and follow @Medtronic on Twitter and
LinkedIn.
About DaVita
DaVita (NYSE: DVA) is a health care
provider focused on transforming care delivery to improve quality
of life for patients globally. The company is one of the largest
providers of kidney care services in the U.S. and has been a leader
in clinical quality and innovation for more than 20 years. DaVita
cares for patients at every stage and setting along their kidney
health journey—from slowing the progression of kidney disease to
helping to support transplantation, from acute hospital care to
dialysis at home. As of December 31, 2022, DaVita served
200,000 patients at 2,724 outpatient dialysis centers
in the United States. The company also operated 350
outpatient dialysis centers in 11 other countries worldwide. DaVita
has reduced hospitalizations, improved mortality, and worked
collaboratively to propel the kidney care industry to adopt an
equitable and high-quality standard of care for all patients,
everywhere. To learn more, visit DaVita.com/About.
This press release contains forward-looking statements within
the meaning of the federal securities laws. All such statements in
this press release, other than statements of historical fact,
including, without limitation, statements about the anticipated
effects of the transaction and the timing of closing, are
forward-looking statements. Words such as "expect," "intend,"
"will," "plan," "anticipate," "may," "believe," "continue," and
similar expressions are intended to identify forward-looking
statements. Each of DaVita and Medtronic base their respective
forward-looking statements on information available to it on the
date of this report and undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
changed circumstances, new information, future events or otherwise,
except as may otherwise be required by law. Actual results and
other events could differ materially from any forward-looking
statements due to numerous factors that involve substantial known
and unknown risks and uncertainties. These risks and uncertainties
include, among other things, the risk factors set forth in the
reports on Form 10-K and Form 10-Q filed by DaVita or Medtronic, as
applicable, and the other risks and uncertainties discussed in any
subsequent reports that DaVita or Medtronic, as applicable, files
with the Securities and Exchange Commission from time to
time.
Contacts:
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Medtronic:
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Erika
Winkels
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Ryan
Weispfenning
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Public
Relations
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Investor
Relations
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+1-763-526-8478
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+1-763-505-4626
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DaVita:
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Karen Modlin
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Nic Eliason
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Public
Relations
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Investor
Relations
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+1-214-773-2152
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IR@davita.com
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SOURCE Medtronic plc