Medtronic wins $472m cardio device DoD contract

Medtronic (NYSE:MDT) won a $471.6 million contract with the US Department of Defense to provide it with cardiovascular products, according to a DoD release posted yesterday.

The fixed-price with economic-price-adjustment, indefinite-deliver/indefinite-quantity contract is a sole-source acquisition deal for cardiovascular products, according to the release. The deal comes with a single year base contract and four one-year option periods, and a performance completion date of July 1 2023.

Through the contract, the Fridley, Minn.-based company will supply cardiovascular products to the Army, Navy, Air Force, Marine Corps and federal civilian agencies, according to the release.

Last week, Medtronic won expanded FDA clearance for its MiniMed 670G hybrid closed-loop diabetes management device, which is now indicated to include people ages 7 to 13 with Type I diabetes.

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