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.

Tag:

Medtronic

Latest Headlines

Latest Headlines

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.

BD opens new diabetes R&D center to develop, manufacture next-gen products

Becton Dickinson has opened the doors of a new facility in Andover, MA, that's dedicated to R&D and manufacturing for novel products to better address the needs of Type 1 and Type 2 diabetes patients. The center is part of a renewed effort for BD in diabetes, after it has suffered difficulties due to pricing erosion.

Medtronic adds new tool to its superDimension franchise for lung cancer diagnosis

Medtronic launched the GenCut Core Biopsy system to collect lung cancer tissue from lesions deep inside the organ. The company says its blade design allows the device to collect larger and more intact samples, allowing enhanced pathology and cytology (microscopic imaging of cancerous cells), and ultimately improvements in personalized medicine of lung cancer.

Medtronic to snap up startup that aims to prevent a major surgical error for $235M

Medtronic is paying $235 million to purchase RF Surgical Systems, which has a technology that's intended to make it easier to detect and prevent surgical items such as sponges, gauze or towels from being left behind in a patient.

Aum Cardio raises $5M to back hand-held in-office coronary artery disease Dx device

A startup that's aiming to make the diagnosis of obstructive coronary artery disease part of a physician office visit has raised $5 million as it heads into a European launch of its CADence device. The company, Aum Cardiovascular--named after a Sanskrit syllable that means "to make a continuous low humming sound"--gained a CE mark for the device earlier this year.

Devicemakers to offer stronger guarantees on products if they fail to perform

In response to slower sales and increased competition, medical device makers are starting to offer hospitals and patients in the U.S. better guarantees on their products if they don't perform as promised.

Report: Repeal of medical device tax gaining traction in Congress

Efforts to repeal the tax on medical devices that has helped fund the Affordable Care Act are gaining more traction in Congress following the U.S. Supreme Court's landmark decision supporting a key point of the law,  The Wall Street Journal  reports.

Medtronic plays both sides: a new varicose vein adhesive found comparable to its ablation treatment

The latest data from Medtronic demonstrate just how wide its market reach extends. It found that a recently approved adhesive treatment for chronic venous insufficiency is comparable to radiofrequency ablation via a device that it also markets. That makes it seem like a win-win for the medical device giant, which now offers two equivalent, but distinct, treatment modalities.

Medtronic recalls tracheotomy tubes due to problem that could result in difficulty breathing

Medtronic announced a large voluntary recall of its Shiley neonatal and pediatric tracheostomy tubes is underway due to a wider angle bend among affected models than in those manufactured after Nov. 29, 2012. It has suspended shipments of the faulty tubes.