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

FDA warns of 9 deaths due to coatings on minimally invasive intravascular medical devices

The U.S. Food and Drug Administration has issued a safety communication regarding a wide array of intravascular implanted devices and delivery tools that have coatings designed to reduce friction and improve maneuverability.

Medtronic says it's not affected by the latest federal crackdown on tax inversions

The feds are once again trying to make life difficult for companies like Ireland's Medtronic that moved their headquarters abroad to gain tax advantages. Medtronic said the latest rule changes won't have a material financial impact on the company.

Medtronic buys Aircraft Medical for $110M to cut respiratory failure from unsuccessful intubation

Medtronic just announced the acquisition of Scotland's Aircraft Medical, a maker of video laryngoscopes to facilitate successful intubation of breathing tubes into the trachea, for $110 million in cash.

Medtronic touts registry data in support of its stent graft for aortic aneurysm repair

Medtronic touted four-year global registry data that's supportive of its Endurant stent graft system for endovascular abdominal aortic aneurysm repair, which it says has global market share of nearly 50%.

FDA approves, Medtronic launches the first remote monitoring pacemaker app

Medtronic has launched the first app-based remote monitoring for implantable pacemakers. Remote monitoring of pacemakers has been the standard of care, but this next-gen version goes beyond a dedicated device to do so.

Medtronic, Sequoia launch $60M VC fund for Chinese med tech startups

Medtronic and Silicon Valley VC firm Sequoia are launching a $60 million fund to foster med tech startups focused on serving the Chinese market. Accelerator Suzhou-BioBay is also participating in the Medtronic-Sequoia China Healthcare Technology Venture Investment Fund as a strategic partner.

Medtronic reports strong leadless pacemaker data as it races St. Jude to FDA approval

Medtronic's leadless pacemaker performed well in a 725-person clinical trial for FDA approval in the U.S., where the bigwig is racing with St. Jude Medical to become the first to sell such a device.

NIH, Medtronic-backed startup reports mixed Phase II deep brain stimulation data in Alzheimer's

Functional Neuromodulation, a startup backed by Medtronic and the National Institutes of Health, will advance its deep brain stimulation implant into a Phase III trial to treat Alzheimer's disease patients. DBS is a standard treatment for movement disorders, such as Parkinson's disease, but hasn't been widely applied to other brain disorders.

Boston Scientific files patent infringement suit against Edwards' Sapien 3 TAVR

Boston Scientific is alleging that Edwards' Sapien 3 TAVR infringes its patents related to adaptive sealing technology in an intellectual-property lawsuit filed against the competitor in Germany.

Medtronic axes 150 jobs in new Irish tax domicile

Cue the Medtronic-Covidien layoffs. Medtronic is cutting 150 jobs in Ireland, months after closing its megadeal with Covidien and shifting its domicile to the country to enjoy the benefits of a lower tax rate.