NEW YORK (TheStreet) -- Medtronic (MDT) shares are climbing on Thursday, up 1.9% to $65.01, after the medical equipment company announced the preliminary outcomes for its Micra TPS cardiac pacemaker tests.
The company announced that after one and three month intervals, test results showed that the world's smallest pacemaker was successfully implanted in all patients involved in the test with ages ranging from 74 to 83 years.
The device -- which has not yet been approved in the U.S. -- does not require a surgical incision and is one-tenth the size of conventional pacemakers.
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Medtronic has had a busy week following reports on Tuesday that it was raising a $16.3 billion senior unsecured bridge loan to help finance its proposed $43 billion acquisition of Covidien Plc (COV).
TheStreet Ratings team rates MEDTRONIC INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MEDTRONIC INC (MDT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."