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, Qualcomm partner for disposable, connected Type 2 diabetes continuous glucose monitors

The largest continuous blood glucose monitor player, Medtronic, has started an ambitious project with partner Qualcomm that's expected to lead to a disposable continuous glucose monitor for the enormous underserved Type 2 diabetes population in developing nations.

Medtronic defends handling of Infuse bone graft study to probing lawmakers

Medtronic never intended to hide a study showing serious side effects linked to its Infuse bone graft, the company said in letters to two inquiring lawmakers. The company's response comes a month after reports showed that Medtronic pulled the plug on a study of its Infuse bone graft and allegedly buried the evidence.

Let's make a med tech deal: J&J, Medtronic, Apple, Google sit on piles of cash

Med tech is attracting a huge range of strategic investors right now. Healthcare is almost universally recognized as in need of rationalization--the application of technology in the effort to achieve better outcomes at lower costs. Medical devices and diagnostics, and the data that they generate, are expected to be central to achieving that goal in the coming decades.

CMS starts reimbursement analysis process for leadless pacemakers

The Centers for Medicare and Medicaid Services (CMS) has started an analysis for a national coverage determination (NCD) for its coverage of leadless cardiac pacemakers.

Medtronic buys into power morcellators in $350M purchase from Smith & Nephew

Medtronic is buying up the gynecology business from Smith & Nephew for about $350 million. The move is particularly interesting since the purchase is focused on the Truclear power morcellation system.

Medtronic enters robotic spinal surgery in a partnership with, investment in Israeli small cap

Medtronic has made its long-awaited entrance into robotic surgery in a deal with small cap Israeli player Mazor Robotics. The investment will likely be for more than $50 million and will come in three potential tranches. It will result in Medtronic owning about 15% of Mazor, if all the tranches are executed.

ReCor nabs Asian distribution deal, investment from Otsuka for renal denervation

Otsuka has given renal denervation to treat hypertension another vote of confidence. It's signed a distribution deal for certain Asian companies with startup ReCor Medical, as well as making an additional investment in the company.

Patients push back at UnitedHealthcare's exclusive insulin pump pact with Medtronic

Tandem Diabetes Care is not the only one up in arms about UnitedHealthcare's recent deal to make Medtronic its sole in-network insulin pump provider. Some patients are also pushing back at the move, saying that the insurer's decision could limit therapeutic options for people with diabetes.

Medtronic suspends recruitment for stent graft study for aortic aneurysm repair

Back in April 2015, Medtronic launched a clinical study of its Endurant Evo AAA stent graft system. Now, the company is pulling the plug on the trial after encountering a setback.

Medtronic offers positive stress test data on newly approved leadless pacemaker

Medtronic has presented data on its leadless pacemaker, Micra, showing consistent safety and efficacy at months after implant--even under extreme conditions. Micra was just approved by the FDA last month and is the first leadless, transcatheter pacemaker to be approved in the U.S.