Minneapolis-based Medtronic was founded in 1949 as a medical equipment repair shop by Earl Bakken and his brother-in-law, Palmer Hermundslie. The company has roughly 40,000 employees. 

The company reported worldwide revenue of $3.961 billion during Q3 2011 versus $3.851 billion during the same period of 2010.

Thus far in 2011, Medtronic has seen the FDA reject Amplify, a spine device that was linked to higher cancer malignancy than alternative procedures for degenerative disc disease patients. But it has also seen expansion in Asia with its opening facilities in Shanghai and Singapore.

At the end of 2010, Chairman and CEO William Hawkins announced his retirement as of April 29.

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Latest Headlines

Medtronic facing new wrongful death lawsuit over failed insulin pump in wake of 2009 recall

The executor of the will of a New Jersey man who died of a night-time diabetes attack is suing Medtronic for the alleged failure of its MiniMed insulin pump and infusion set.

St. Jude aims for Axium approval before year-end, with robust neuromodulation growth in 2016

St. Jude Medical took the opportunity on its April 22 earnings call to flesh out the logic and expectations behind its purchase of Spinal Modulation for a total of at least $215 million (plus undisclosed approval and revenue milestones) that was revealed earlier this week. Neuromodulation is one of its three pillars for achieving 4% to 5% revenue growth this year--and the company anticipates that in 2016 neuromodulation will be even stronger.

Medtronic touts the first neurostimulator to get approval for use during full-body MRI scan

European patients using certain models of Medtronic's Activa line of Deep Brain Stimulation Therapy neurostimulators can receive a full-body MRI scan while continuing to receive therapy, the company announced.

IBM partners with Medtronic, J&J, Apple to use Big Data to optimize healthcare coaching and diabetes care

IBM increased its presence in the device world in a major way, announcing a collaboration around famous supercomputer Watson with Medtronic, Johnson & Johnson and Apple.

Medtronic joins St. Jude in leadless pacemaker market thanks to CE mark

Medtronic has officially joined the European leadless pacemaker market thanks to the CE-mark approval of its Micra Transcatheter Pacing System. It is one-tenth the size of conventional pacemakers, making it the world's smallest device in the overall category.

UPDATED: Medtronic-backed spinal imaging startup grabs $9.6M for back pain diagnostic to replace x-ray

Ortho Kinematics will use the $9.6 million it has raised to support its mission to make its Vertebral Motion Analysis test the standard of care to assess spinal motion and instability. The financing is the lion's share of a total of $10.7 million the company expects to raise.

Medtronic launches Covidien surgical device to treat peripheral artery disease

Medtronic announced the U.S. launch of its HawkOne directional atherectomy system, for surgical treatment of peripheral artery disease, or blocked and calcified arteries in the arms or legs. The device was obtained via Medtronic's $50 billion acquisition of Covidien.

Startup receives $20M in funding to test its leadless pacemaker

A strategic device company, a former Medtronic president and an award-winning Stanford doctor are among the financiers of Silicon Valley's EBR Systems' attempt to commercialize the first leadless pacemaker implanted in the heart's left ventricle. Along with VCs like Split Rock Partners and SV Life Sciences, the group contributed $20 million toward the groundbreaking effort.

Benvenue takes on Medtronic in spinal surgery, pointing to trial showing its device is better

Spinal specialist Benvenue Medical is taking on Medtronic. The smaller company boasted of clinical trial results showing that its FDA-cleared Kiva VCF System to treat vertebral compression fractures performs as well as or better than the industry bigwig's KyphX System.

Medtronic pays feds $4.4M over DOJ allegations that it falsely labeled devices as made in the USA

Medtronic agreed to pay $4.4 million to settle a Department of Justice lawsuit claiming that the company mislabeled imported devices as made in the USA so that it could sell them to the U.S. military.