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

In loss for Medtronic, appeals court overturns $102M owed by NuVasive for patent infringement

The $102 million payout awarded to Medtronic in 2011 has been vacated by a U.S. appeals court, to the delight of spinal implant company NuVasive. The court just ruled that the appropriate fine should be based on royalties, but not lost profits, which appear to have been taken into account by a federal jury in 2011 when it set the penalty at $102 million.

Medtronic works to boost neuromodulation with bladder control startup acquisition

Medtronic has just disclosed that it bought Advanced Uro-Solutions in December 2014 for an undisclosed amount. In August 2013, the FDA cleared the startup's neurostimulation device, the Nuro System, to treat overactive bladder and its associated symptoms of urinary urgency, urinary frequency and urge incontinence.

Medtronic prepares to head back to FDA with deep brain stimulation for epilepsy

Medtronic has published detailed results for the first time of a 5-year trial for deep brain stimulation therapy in treatment-resistant epilepsy. The device giant has said that it will make another run at an FDA approval for its DBS device in that indication.

Medtronic, Bard secure supplemental Medicare reimbursement for their new drug-coated balloons

Medtronic and C.R. Bard announced that they have obtained supplemental Medicare reimbursement for peripheral artery disease outpatients who are treated using their recently approved drug-coated balloons.

Launches lead the way as Medtronic beats the Street

Medtronic added 2% in early trading after it reported its first earnings since the close of the Covidien acquisition. Recent product launches across business groups helped push it to beat consensus earnings for the quarter by $0.04 at $1.01 and top revenue estimates at $4.32 billion versus the $4.26 billion expectation.

Israeli device seed firm Rainbow Medical raises $25M from Chinese investors

Rainbow Medical will open an office in Shanghai to help facilitate strategic deals as part of a $25 million cash infusion from investors in China. The firm is an Israeli-based seed investor and incubator specifically for medical device and medical technology startups.

Study finds Medtronic MiniMed's insulin suspension feature cuts incidence of low blood sugar in diabetics

Medtronic touted data from a retrospective study of 20,973 diabetes patients finding that the Threshold Suspend feature of its MiniMed 530G system is helpful in reducing episodes of hypoglycemia, or low blood sugar.

New studies show that devices, not just drugs, can help treat strokes

Groundbreaking studies offer more evidence that revascularization devices that physically remove blood clots from the brain are a valuable and potentially lifesaving addition to pharmaceutical therapy in stroke patients.

Study: Tiny, insertable Medtronic cardiac monitor found more effective in AF detection

The latest clinical trial results for Medtronic's insertable cardiac monitor show that it's effective at detecting atrial fibrillation at an even higher rate than found in a previous study. That could help the company make its case for reimbursement for the smallest cardiac monitor available, the Reveal Linq, which was launched early last year.

DARPA targets prostheses that offer sensation; researchers aim to get there in 5 years with $20M

The U.S. Defense Advanced Research Projects Agency (DARPA) has made the creation of upper-limb prosthesis, artificial arms and hands that allow for sensory feedback a top priority--it's backing 8 research organizations to do so.