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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FDA OKs use of Medtronic's CoreValve TAVR on end-stage renal disease patients

Medtronic announced an improved FDA indication for its CoreValve TAVR franchise, saying the agency has revised the labeling for the device to make it eligible for use on patients with end-stage renal disease and those with low flow, low grade aortic stenosis.

Abbott acquires Kalila Medical, maker of sheaths to deliver ablation catheters

Abbott once again added to its electrophysiology offerings via acquisition. It just announced the purchase of Kalila Medical, maker of an FDA-cleared steerable sheath for navigation during cardiac ablation procedures, for an undisclosed sum.

Med tech shops around for cost-cutting deals amid increased demand from hospitals

As healthcare providers call for more technology to improve efficiencies, some of the device industry's biggest players are stepping forward with deals aimed at speeding up services and reducing costs.

Medtronic acquires Italian hemodialysis player as part of newly formed renal care biz

Medtronic has acquired Italian hemodialysis treatment solutions company Bellco from private equity firm Charme Capital Partners, which acquired it in 2012. The medical device giant is folding the acquisition into its newly formed Renal Care Solutions business. This is just the latest in a series of diabetes-related deals for Medtronic, which last year also bought Netherlands-based diabetes clinic and research center Diabeter.

Medtronic to pony up funds in $525M IRS tax settlement

Medtronic inherited Covidien's tax-friendly Irish domicile last year after the companies finalized their $50 billion merger. But the devicemaker also picked up a tax scuffle from Covidien's former parent company, and now, Medtronic is laying that battle to rest in the form of a $525 million settlement.

Medtronic buys, launches recently FDA-cleared spinal tumor ablation tech

Medtronic stealthily acquired the OsteoCool RF Ablation System from Baylis Medical last month. Now, the medical device giant has launched the cooled radiofrequency (RF) ablation tech in the U.S. after it received 510(k) clearance from the FDA in November. Baylis and Medtronic have also partnered for further innovations to the system.

Medtronic earns CE mark to use its drug-eluting balloon to help hemodialysis patients

Medtronic just won CE mark approval to use its In.Pact Admiral drug-eluting balloon to help maintain hemodialysis access in end-stage renal disease patients in Europe. The device was already indicated to treat diseased peripheral superficial and femoral arteries and popliteal arteries.

JPM: Medtronic aims for double-digit returns with more buybacks, faster dividends and debt paydown

Medtronic is almost exactly a year into the behemoth integration of Covidien. Chairman and CEO Omar Ishrak took the company's presentation at the ongoing J.P. Morgan Healthcare Conference in San Francisco as an opportunity to make the case for the medical device giant as a stock that's able to return a brisk "double-digit" rate of return to investors.

Medtronic to build Chinese facility for the manufacture of advanced diabetes devices

Medtronic deepened its commitment to Chengdu, China, announcing that it will build a manufacturing plant to make a next-generation sensor and pump system in the city, as it tackles the growing challenge of diabetes in the country.

Medtronic, IBM Watson reveal prototype of diabetes app to predict low blood sugar

Medtronic CEO Omar Ishrak took center stage at Las Vegas' Consumer Electronics Show to reveal a prototype of a smartphone app that could someday predict the onset of dangerously low blood sugar in diabetics up to three hours in advance. It's being developed with the help of pattern recognition analytics from IBM's Watson Health unit.