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 finds gene that predicts sudden cardiac death, IDs need for implantable defibrillator

Medtronic announced at the European Society of Cardiology Congress in London that a study conducted by the Cedars Sinai Heart Institute has identified a genetic variation associated with sudden cardiac death, which can be prevented using implantable cardioverter defibrillators.

Couple creates artificial pancreas, in latest win for diabetes' growing do-it-yourself movement

Engineer Scott Leibrand and diabetes patient Dana Lewis have created an artificial pancreas, via years of constant experimentation and iterative upgrades.

Medtronic to buy Twelve for $408M+, joining Abbott and Edwards on the transcatheter mitral valve bandwagon

The run on independent transcatheter mitral valve replacement companies is now resembling a stampede thanks to Medtronic's decision to purchase Twelve, a portfolio company of medical device incubator The Foundry, for up to $458 million.

Study finds Medtronic's CoreValve yields similar outcomes to Edwards' Sapien

A randomized clinical trial comparing Medtronic's CoreValve to Edwards' Sapien XT concluded that the clinical outcomes of the patients' receiving either TAVR device were similar. The study analyzed the results of 241 high-risk patients who received either device between March 2012 and December 2013 at 5 German centers.

UPDATED: TAVR maker JenaValve receives $26.5M to fund U.S. studies

Germany's JenaValve Technology, maker of a CE-marked transcatheter aortic valve replacement, just announced that it has received $26.5 million in expanded Series C financing co-led by entrepreneur Rudi Mariën and investment firm Valiance, as it seeks to join Medtronic and Edwards Lifesciences in the U.S. market.

Medtronic launches upgraded delivery system for its EverFlex stent

Medtronic announced the launch of a new delivery system for its self-expanding peripheral stent, touting the device's ergonomics and other features designed to make implantation of the EverFlex stent easier.

Medtronic recalls CoreValve TAVR component due to presence of particulate matter

Medtronic is recalling 6,912 units of the loading system of its CoreValve Evolut R transaortic valve replacements following reports of the presence of particulates. The FDA just classified it as a Class 1 corrective action, reserved for situations in which "there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death."

Med tech megamergers haven't translated to massive layoffs--at least not yet

None of the giant med tech acquisitions that have closed recently have resulted in a reduction in employee count yet. Not Medtronic-Covidien, Zimmer-Biomet, nor Becton Dickinson-CareFusion. But the rumors are already swirling on where all the anticipated cost savings and reduduncies will be found. That's according to the latest jobs data from  EP Vantage.

Medtronic CEO received 80% raise thanks to inversion deal with Covidien

Medtronic CEO Omar Ishrak took home $40 million for the fiscal year ended April 30, an increase of nearly 80%. His base salary is only $1.5 million, while some of the money was from bonuses like stock options.

FDA recall notice issued for nearly 2,000 Medtronic MiniMed insulin pumps

Medtronic disclosed difficulties with almost 2,000 units of its latest model insulin pump, the MiniMed 640G, which had been distributed in 10 European countries, according to a recall notice just made by the FDA. This model had its European launch in January and is slated for a PMA submission later this year.