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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Medtronic launches heart failure management service in U.S.

Medtronic has launched its heart failure management service in the U.S. It combines data from its implantable cardiac devices with remote patient monitoring to help physicians act early to ward off heart failure events in at-risk patients.

UPDATED: Medtronic to pick up troubled HeartWare for $1.1B

Medtronic will add a heart failure implant and pipeline products in its $1.1 billion acquisition of HeartWare. The deal will accelerate the development of HeartWare's products and round out Medtronic's Cardiac Rhythm & Heart Failure division.

FDA says it acted properly in Medtronic Infuse bone-graft study: Report

The FDA said it acted properly by accepting late patient injury reports from a Medtronic study that showed problems with its Infuse bone graft, adding that the information provided by the devicemaker was "consistent" with data the regulatory agency already had.

Medtronic partners with LA startup for diabetes, chronic disease management tools

Medtronic is picking up a whole line of chronic disease management programs to market from a new partnership with Canary Health. The devices giant anticipates that the programs, which encourage and direct patients toward better self-care, will be reimbursable--which can be a tough hurdle for software-based approaches to disease.

Medtronic presents pivotal artificial pancreas data at ADA, as Insulet details its own plans

Medtronic reported pivotal data for its hybrid closed-loop system at the American Diabetes Association conference in New Orleans, LA, over the weekend. The data show that the hybrid closed-loop system helped to decrease A1c levels as well as reduce variability in sensor glucose values for 124 patients with Type 1 diabetes.

Medtronic victorious in $1.4B tax case over 'transfer pricing'

A federal judge delivered a win for Medtronic in its $1.4 billion lawsuit against the Internal Revenue Service over how much of its profits should be taxed federally and how much should face lower taxes in Puerto Rico.

Medtronic's MiniMed insulin pumps now work with Glooko for retrospective diabetic data insights

Startup Glooko is working to make the data from all sorts of diabetes devices--from standard blood glucose monitors to insulin pumps to continuous blood glucose monitors--available for analysis after the fact to encourage better, more informed decisions over time by patients and physicians.

Medtronic details robotic surgery program expected to launch in 2018

Intuitive Surgical has enjoyed a sizable head start in the robotic surgery arena. But Medtronic is gaining momentum, having partnered in May with small-cap robotics player Mazor, and now detailing plans for its internally developed robotic surgery program.

Medtronic says it is 'two to three years' ahead of competition on artificial pancreas

Medtronic is just a few days away from detailing pivotal data for its hybrid Closed Loop System at the American Diabetes Association conference. That's expected to be followed by a PMA submission in June, with an approval anticipated to follow in the spring.

Medtronic to present pivotal artificial pancreas data as late breaker at ADA

Medtronic will report pivotal data for its Hybrid Closed Loop system for Type 1 diabetes on June 12 at the American Diabetes Association conference in New Orleans, LA.