Medtronic CEO On The Company's New Valve Product And How Covidien's Integration Is Progressing

Medtronic PLC MDT on Tuesday got FDA's approval for its CoreValve Evolut R System. Omar Ishrak, Medtronic CEO, was on CNBC recently to discuss about this new valve product from the company. He also discussed the status of Covidien's integration into Medtronic.

CoreValve Evolut R System

"Well we are really excited about this product," Ishrak began. "This is an upgrade to our existing CoreValve transcatheter valve product. It makes the device repositionable and recapturable, which is a first. Makes the procedure much easier and safer and we think we will get much better outcomes as a result of it. So, we are really excited."

Covidien's Integration

On how the integration of Covidien into Medtronic going, Ishrak said, "Well the integration is going very well. We are really pleased with what we see and we look at integration from a perspective of how people are feeling about the new company and we have done a lot of surveys and people from both legacy Medtronic and Covidien teams really are lying with the mission of Medtronic. It's something that Covidien employees are really rallying around as well as Medtronic employees. So, from a overall employee perspective, it's doing extremely well.

"In addition, from a financial perspective we were pleased with the results of our first-quarter that we finished as a joint company, exceeding expectations actually. We have got a value capture plan or an optimization of cost plan that we feel really good about, really good about. And we think, that's even better than what we originally expected and so all in all it's early days, we have got a lot to do. But we are excited and pleased with where we are," Ishrak concluded.