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 launches wearable cardiac monitor acquired from Corventis

Medtronic launched the wireless, adhesive heart monitor that it acquired when it bought startup Corventis in June reportedly for more than $150 million. The monitor can be worn up to 30 days to detect and diagnose the cause of irregular heartbeats. But the device remains a second-line tool behind the bulky Holter monitor.

Medtronic unveils new study showing 2-year success of its TAVR device

Medtronic unveiled a new study over the weekend indicating its transcatheter aortic valve replacement device provides "exceptional rates of survival" for patients two years after they received its CoreValve System implant because they were considered too high risk for traditional open-heart surgery.

Medtronic receives 510(k) for new balloon catheter

Medtronic yesterday announced FDA 510(k) clearance of the NC Euphora Noncompliant Balloon Dilatation Catheter to encourage stent apposition to the artery wall.

Treasury secretary: Obama administration action on inversion coming up

Treasury Secretary Jacob Lew told the Urban Institute yesterday that "in the very near future" he will decide on steps President Obama can take to curb tax inversion deals without congressional action.

Medtronic receives CE mark for upgraded CoreValve TAVR

Medtronic said that its recent CE mark for its CoreValve Evolut R System for transcatheter aortic valve implantation paves the way for the option to recapture or reposition artificial valves during heart surgery. The new feature is an advance in the relatively new arena of less-invasive heart surgery for patients who cannot withstand the rigors of open heart procedures.

FDA clearance of Medtronic's scoliosis implant a much-needed victory for pediatric devices

Pediatric devices are in short supply because of the prevalence of rare diseases in children, as well as their unique physiology. So, FDA's 510(k) clearance of Medtronic's Shillla Growth Guidance System for the treatment of scoliosis in children less than 10 years old has particular significance.

Covidien acquires Sapheon ahead of FDA approval for vein adhesive

The Medtronic-Covidien integration team must be working overtime juggling not only existing products but also those in the deal pipeline. The pair hasn't slowed down at all--between them they have disclosed 5 acquisitions since their own merger announcement in mid-June, three of them this week alone.

Medtronic expands hospital services push with $350M acquisition

Medtronic  wants to be known for manufacturing high-quality devices and providing related services as well. To that end, the company today announced the acquisition of privately held Italian company NGC Medical S.p.A.

Medtronic adds to neuromodulation biz with $200M Sapiens acquisition

Medtronic today announced the $200 million acquisition of the Netherlands' Sapiens Steering Brain Stimulation to bulk up its neuromodulation offerings.

FDA approves next-generation Medtronic pacemaker

Medtronic snagged FDA approval for its next-generation cardiac resynchronization therapy (CRT) pacemaker in patients with heart failure, expanding its cardiovascular portfolio and advancing its proprietary technology for heart rhythm therapy.