Medtronic unveils restructuring plan

Medtronic Plc on Monday unveiled a restructuring plan that it expects will help it save $500 million to $700 million annually over the next five years.

The company said it expected annual gross run-rate savings of over $3 billion by 2022 from the program.

The company also said it expected total expenses from the restructuring to be at between $1.6 billion and $1.8 billion from 2018 to 2022.

The plan was announced during a presentation at the J.P. Morgan Healthcare Conference.

Chief Executive Omar Ishrak said the company was confident about mid-single digit revenue growth in the short term.

Medtronic said in November it expected revenue growth to be in the range of 4-5 percent in fiscal 2018, and adjusted earnings to increase 9 to 10 percent.

Evercore ISI analyst Vijay Kumar said investors had been skeptical about the forecast, given industry trends in the first half of the year.

(Reporting by Manas Mishra in Bengaluru; Editing by Maju Samuel)