Medtronic invests up to $80M in medtech company Pi-Cardia with a potential buyout on the table

September 1, 2026 - 23:31

Medtronic is deepening its bet on structural heart technology with a new investment in Pi-Cardia, a company focused on treating calcified aortic valves. The deal could reach $80 million, and it comes with a clear path for Medtronic to eventually buy the company outright.

This move follows a similar play less than a year ago, when Medtronic put significant money into Anteris Technologies, another Minnesota-based heart valve developer. Now Pi-Cardia is getting the same kind of attention, and the reason is its ShortCut device, which has already received FDA approval.

ShortCut is designed to work alongside transcatheter aortic valve replacement, or TAVR. The device helps prepare heavily calcified valves before a new valve is implanted, which can be a major hurdle in certain patients. By softening or splitting the calcium, ShortCut makes the procedure safer and more predictable for doctors.

The investment structure gives Medtronic an option to acquire Pi-Cardia later, but the terms of that potential buyout have not been disclosed. For now, the two companies will work together to expand the use of ShortCut in more hospitals and to gather additional clinical evidence.

Pi-Cardia is based in Israel, but its technology has been gaining traction in the U.S. since the FDA approval. Medtronic already has a strong TAVR portfolio with its Evolut line, and adding ShortCut could give it an edge in treating patients who were previously considered too risky for the procedure.

Industry analysts see this as a logical move. TAVR is a crowded field, and the ability to handle complex calcification cases is becoming a key differentiator. Medtronic is clearly positioning itself to own that niche, and the option to buy Pi-Cardia outright means it can lock in the technology if early results continue to look good.

No timeline has been given for a full acquisition, but the structure of the deal suggests Medtronic wants to keep its options open while the partnership matures.