The medical device giant is juggling a pair of pipeline developments that could reinforce its position in diabetes care and cardiac rhythm management, even as the stock continues to trade well below its recent highs. A new clinical study targeting the diabetes segment kicks off on 15 June 2026, while the company simultaneously rolls out its PulseSelect ablation system in India, a market where more than seven million people suffer from atrial fibrillation.
The NEXUS study will test Medtronic’s experimental MiniMed NMX8 system head-to-head against the established MiniMed 780G. Over a twelve-week randomised period, the primary endpoint measures how much time patients maintain their blood glucose within the 70–180 mg/dL target range. The trial is open to individuals aged two years and older with either type-1 or type-2 diabetes, provided they have already used the MiniMed 780G with the Simplera Sync sensor for at least three months prior to enrolment. Results are expected by 17 March 2027.
Meanwhile, the PulseSelect system, which uses pulsed field ablation instead of thermal energy, is entering India at a time when diagnosis and treatment rates for atrial fibrillation remain far below demand. The device complements Medtronic’s existing cryoablation portfolio and gives electrophysiologists additional tools for complex procedures. The India launch comes against the backdrop of a cardiac ablation business that grew 78% globally in the fourth quarter of fiscal 2026, with US sales soaring 124%. Management is targeting a rolling annual revenue run-rate of more than $2 billion for the segment by the first quarter of fiscal 2027.
Should investors sell immediately? Or is it worth buying Medtronic?
Medtronic’s fourth fiscal quarter, ended April 2026, saw diabetes segment revenue of $837 million — a 15% year-on-year increase and 8.1% on an organic basis. Total company revenue came in at just under $9.8 billion, with adjusted earnings per share of $1.55. The group also continued to build out its neurology portfolio, completing the $550 million acquisition of Scientia Vascular. Investors continue to receive a quarterly dividend of $0.71 per share, maintaining Medtronic’s status among the Dividend Aristocrats.
Despite these operational strengths, the stock has failed to reflect them. Shares recently traded around €69.40 in Frankfurt — roughly 15% below the start of the year and nearly 25% below the 52-week high of €91.50 reached in November 2025. The divergence with the 200-day moving average of €79.15 stands at more than 12%. In the last 30 days, however, the stock has clawed back about 4.4%, putting it just above its 50-day moving average. The relative strength index sits at 54.7, offering no clear directional signal.
For now, neither the NEXUS study nor the India expansion is expected to move the stock in the near term. Commercial and regulatory implications from the diabetes trial are unlikely before the spring 2027 readout, while the impact of the Indian PulseSelect launch will become clearer when Medtronic reports first-quarter fiscal 2027 results — the same period in which the cardiac ablation unit hopes to hit the $2 billion milestone. Until then, it is the existing growth trajectory in diabetes and structural heart that will continue to shape investor perception.
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