By Raghav Mahobe and Leroy Leo (Reuters) – Medtronic Plc said on Monday it would spin off two of its smaller businesses into a new company to streamline its portfolio and increase the pace of revenue growth. Though the two businesses – patient monitoring and respiratory interventions – are relatively small, the company’s management said the spin off was part of Medtronic’s continued restructuring. “The process continues. This is a next step. This isn’t necessarily the last step,” Chairman and Chief Executive Officer Geoffrey Martha said in a conference call. Medtronic, the world’s largest stan…