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 touts drug-coated balloon data in toughest peripheral artery disease cases

Medtronic has unveiled two-year data for a drug-coated balloon to treat peripheral artery disease that shows it can be effective in patient populations that are typically not good responders to balloon angioplasty: women and diabetics.

Medtronic unveils adjustable ablation catheter to treat Barrett's esophagus

Medtronic announced the U.S. launch of its Barrx 360 Express radiofrequency ablation balloon catheter for the treatment of Barrett's esophagus, which, if left untreated, may develop into esophageal cancer.

Medtronic's tiny cardiac monitor shows improved afib detection in real-world study

Two years ago, Medtronic rolled out its Reveal Linq, a tiny implantable cardiac monitor, with annual sales predictions to the tune of $1 billion to $2 billion. Now, the company is reporting one-year data from a real-world study of the device showing that it was better at detecting atrial fibrillation than previously thought.

Medtronic recalls battery pack used for patient monitoring devices

Medtronic is voluntarily recalling a battery pack used in some of its patient monitors due to a manufacturing defect, adding another piece of bad news to its recent string of woes.

Beyond miniaturization: What's next for leadless pacemakers? Closed-loop tech

The medical device industry has been working on miniaturizing pacemakers so they can be minimally invasively inserted and cause fewer difficulties for patients. Up next likely are closed-loop systems: pacemakers that record patient data, transmit that data externally and enable adjustment based on that data by physicians or even, eventually, on their own as guided by advanced algorithms.

Medtronic divulges Type 2 diabetes outcomes data for MiniMed

Medtronic has released the latest study results from its MiniMed insulin pumps.

Senator grills Medtronic, FDA over alleged mishandling of Infuse bone graft study data

Medtronic has taken some responsibility for mishandling data from a retrospective chart review of its bone graft, Infuse, after a recent report said that the company allegedly buried side effect reports linked to the product. But Medtronic's response did not appease one lawmaker, who is calling on the company and regulators for more answers.

Insulin wearable startup CeQur aims to triple employees to 150 to support Paq launch

CeQur is gearing up to launch its adhesive wearable insulin device that automatically delivers up to three days of insulin to patients with Type 2 diabetes. It's doubling its Marlborough, MA-based facility to add a manufacturing line, clean room and labs. That follows a whopping $100 million Series C that the company disclosed last fall.

UPDATED: Medtronic shut down study of Infuse bone graft and tucked away the evidence: Report

Medtronic is coming under fire for shutting down a study of its bone graft, Infuse, and allegedly tucking away the data. A recent report from The Minneapolis Star Tribune said that the company uncovered serious problems linked to the product but didn't immediately tell anyone, which sparked pushback from the government and the public.

Medtronic artificial pancreas may hit the market next spring, as pivotal trial nears final data

An artificial pancreas, a device that automatically regulates insulin dosage for Type 1 diabetes patients based on real-time glucose data, may be a reality soon. Medtronic is nearing final data for a pivotal trial of its Hybrid Closed Loop System. It reportedly expects to submit to FDA for approval by the end of June, with an anticipated launch by April 2017.