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 gets FDA go-ahead to use CoreValve in additional heart patients

In a big win for Medtronic, the FDA expanded the indication of the company's transaortic valve replacement device permission to include replacement of patients' failed artificial aortic valve. The novel use of the device gives Medtronic a leg up on rival Edwards, whose Sapien XT TAVR does not have permission to be used for what's called "valve-in-valve" replacement.

Medtronic slides into hearing devices with magnetic implant startup acquisition

Hearing devices have not been among Medtronic's competencies--until now. The medical device giant has bought magnetic hearing implant startup Sophono for an undisclosed amount. Sophono's implant is the smallest and most effective at higher frequencies, according to the startup and Medtronic.

Medtronic, Novartis back implantable beta cell diabetes device in $44M Series A, partnership

Semma Therapeutics aims to provide beta cells--the pancreatic cells that produce insulin--to patients with Type 1 diabetes. If the startup can get beyond early research, an implantable device that creates insulin via these stem cell-derived beta cells could replace daily insulin injections and transform patient care.

DOJ cracks down on devicemakers in 2014 with $100M+ in fines

In a show of force, the Department of Justice just announced two fines against providers for healthcare fraud under the False Claims Act totaling more than $10 million. The news coincided with release of an annual report on healthcare fraud, which claims that the feds recovered $3.3 billion in fiscal year 2014.

Medtronic's stent for peripheral artery disease wins expanded indication from FDA

After staving off Treasury Department rules, angry politicians and antitrust regulators, Medtronic is earning early victories from its $50 billion mega-acquisition of Covidien. The company announced that the former rival's Protégé GPS peripheral stent for treating peripheral artery disease now has the FDA's blessing to be used against lesions in the common and external iliac arteries, located in the pelvis.

UPDATED: Medtronic steerable sheath recalled, deemed potentially deadly by the FDA

The FDA just labeled the recall of Medtronic's 10 French FlexCath Select Steerable Sheath as a class I recall. This means there is a reasonable probability that the device "will cause serious adverse health consequences or death.

Medtronic backs diabetes device connectivity, analysis startup Glooko in $16.5M Series B

Most of the traditional makers of insulin pumps, blood glucose meters and continuous glucose monitors haven't been very good at integrating these devices with mobile devices and big data. Startup Glooko hopes to provide its technology to make diabetic device data mobile-compatible and enabling population analysis of it for providers and payers.

Edwards and Medtronic turn up TAVR competition with positive study data

Edwards Lifesciences and Medtronic revealed promising study data for next-generation transcatheter aortic valve replacement (TAVR) devices in treating patients who cannot undergo open heart surgery, dialing up competition between the companies as they vie for a piece of a growing TAVR market.

Medtronic launches U.S. clinical trial of its newest drug-eluting stent

Medtronic announced the launch of U.S. clinical trials for its latest drug-eluting stent, saying it will test the device on patients in need of a 2-millimeter stent, many of whom are not eligible for the device type.

Medtronic prioritizes product development post-Covidien deal close

A little more than a month after Medtronic closed its $49.9 billion purchase of Covidien, the combined company is forging ahead with ambitious plans for growth. And as Medtronic's chief integration officer, Geoff Martha, told FierceMedicalDevices, the company's "first and foremost strategy" involves developing new devices to support innovative therapies, ultimately cutting costs and making healthcare more efficient.