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.



Latest Headlines

Latest Headlines

Medtronic's Ishrak setting his sights on India for future growth

Medtronic CEO Omar Ishrak has long turned to emerging markets as a potential growth driver, and tapping into India's burgeoning population will play a key role in ramping up the company's business there, he said.

Medtronic trumpets positive data for Tyrx antibacterial envelope in high-risk patients

Medtronic is touting positive study results for its antibacterial envelope in high-risk patients who undergo cardiac device implantation, a feather in the company's cap as it continues to forge ahead with the innovative technology.

Medtronic's leadless pacemaker and MRI-safe defibrillator present positive trial data at cardiology conference

Medtronic touted data on its investigational, MRI-safe implantable defibrillator and leadless pacemaker presented at the Heart Rhythm Society's annual meeting in Boston.

Medtronic vein closure device recalled in Europe, Asia right around time of its U.S. launch

Medtronic's Covidien was hit with a recall of 1,661 units of its VenaSeal Sapheon Closure System, a procedural delivery system for an adhesive that treats venous reflux disease by closing the affected veins in the lower leg.

Medtronic announces FDA approval of its 3rd-gen Cryoablation Catheter

Medtronic announced concurrent FDA and CE-mark approval of the latest generation of its stroke-fighting Arctic Front Advance ST Cryoablation Catheter. The device features a shorter tip designed to help physicians visualize the procedure in real time and enable increased maneuverability of the device.

FDA approves Medtronic lead for tough implantations

The FDA granted its stringent PMA approval to Medtronic's surgically implanted Model 5071 Lead for use in conjunction with cardiology devices like pacemakers, defibrillators and CRT-Ds, which combine the benefits of pacemakers and defibrillation therapy.

Medtronic aims to push insertion of world's tiniest cardiac monitor into the physician's office

The world's smallest cardiac monitor implant is on track to make a move into the doctor's office. Medtronic's aim is to further capitalize upon a hugely successful launch of its Reveal Linq that's already exceeded all expectations with a potential for drug-like blockbuster annual sales of $1 billion to $2 billion.

Medtronic announces new cranial indication for its image-guided surgical instruments

Intraoperative imaging is at the forefront of advances in surgery, as researchers and engineers discover new uses of old technologies like MRIs and CT scans, which can now be used to guide physicians during surgery in real time.

Medtronic to test renal denervation as treatment for atrial fibrillation

Medtronic announced that enrollment is underway on an atrial fibrillation trial involving a trio of its devices: the Arctic Front Advance Cryoballoon for ablating heart tissue, Symplicity Spyral Catheter for delivering renal denervation to fight high cholesterol, and Reveal Linq insertable cardiac monitor.

FDA bans manufacturing of Medtronic's infusion pump, citing violation of quality system regs

The FDA halted the manufacture of Medtronic's SynchroMed II Implantable Infusion Pump Systems, citing repeatedly failing to correct violations of the agency's quality system regulations in a consent decree filed against company CEO Omar Ishrak and Senior Vice President Thomas Tefft.