Medtronic (NYSE:MDT) announced that it inaugurated a new Diabetes Global Capability Center in India with a significant investment. Our sister site, Drug Delivery Business News, reports today that the medtech giant said it plans to invest $50 million over five years in the Pune, India location. It also said the investment reflects its long-term commitment to […]
Medtronic
Medtronic is the largest medical device company in the world, according to Medical Design & Outsourcing's MedTech Big 100.
NYSE: MDT
(view the MedTech Index here)
"Our top priority is restoring our earnings power — full stop,” Medtronic Chair and CEO Geoff Martha said to start 2024. Over the following months, the world’s largest medtech company continued significant portfolio management moves, including the shuttering of its ventilators business. There was more discipline on headcount and expenses — including worldwide layoffs — and increased use of automation and digitization. Some high-ranking officials have left the company, too — including CFO Karen Parkhill, who resigned to take over as CFO at HP. At the same time, company leaders stressed that Medtronic is making strategic investments in research and development to boost future growth. They said in May that the company had achieved 130 product approvals in the last 12 months in key geographies. As of the writing of this profile in early August, Medtronic was projecting 4–5% organic revenue growth in 2024.
Headquarters: Dublin, Ireland (Operational HQ in Fridley, Minnesota)
United States
Revenue ($USD): $32,364,000,000
R&D spend: $2,735,000,000
Employees: 100,716
Fiscal year end: 4/26/2024
CEO: Geoff Martha
Recent Medtronic News
Medtronic unveils ‘MiniMed’ as name for soon-to-be separated Diabetes unit
The soon-to-be-separated Medtronic Diabetes unit has a new — yet familiar — name, the company announced. Our sister site, Drug Delivery Business News, reports today that the medtech giant selected “MiniMed” as the name for the business. Choosing “MiniMed” as the new company’s name means it doesn’t have to deviate far from a recognizable brand. […]
Medtronic issues safety notice for Hugo surgical robot console in Europe
Medtronic has issued an urgent field safety notice in Europe related to its Hugo robotic surgical system’s surgeon consoles. The letter advised customers of a potential power supply failure in a specific set of Hugo consoles. Medtronic received 25 complaints related to the loss of power due to failures of the surgeon console’s main power […]
Medtronic treats first U.S. patient in renal denervation registry for uncontrolled hypertension
Medtronic has treated the first U.S. patient in its Global Symplicity Registry DEFINE study, a large international effort to collect real-world data on the company’s Symplicity Spyral renal denervation (RDN) system for patients with uncontrolled hypertension. The procedure was performed by Dr. Stan Thornton at Thomas Hospital, part of Infirmary Health in Fairhope, Alabama. The […]
Medtronic advises discontinuation of certain Newport ventilators after recall
Medtronic today announced that it issued a voluntary recall notification related to specific Newport ventilators and related service parts. The voluntary recall — labeled Class I by the FDA — relates to specific Newport HT70 and HT70 Plus ventilators and the related parts. With the recall, Medtronic advised the discontinuation of clinical use of the […]
Medtronic appoints new president of Acute Care & Monitoring unit
Medtronic announced today that it appointed Kate Benedict as its new SVP and president of Acute Care & Monitoring (ACM). In addition to the new role leading ACM, Benedict now serves on the company’s Medical Surgical portfolio leadership team. “Kate is an inspirational and strategic leader with a proven track record of driving innovation and […]
Medtronic wins CE mark for VitalFlow ECMO system
A Medtronic official announced on social media that the company received CE mark for its VitalFlow system within its Cardiac Surgery portfolio. Giuseppe Savoja, the medtech giant’s senior business director for Western Europe, posted the announcement on LinkedIn: “Big news from Medtronic Cardiac Surgery in Europe!” Savoja wrote. “It is with immense excitement that I share […]
Medtronic has a serious tracheostomy tube recall
Medtronic is recalling specific lots of its Shiley Adult Flexible Tracheostomy Tube with TaperGuard Cuff and reusable inner cannula due to an issue that could pose serious health risks. The FDA labeled the recall as Class I, the most serious kind, because the device’s securement flange may detach from the cannula, potentially allowing the tube […]
FDA clears next-gen Medtronic brain ablation system
Medtronic has received FDA 510(k) clearance for its Visualase V2 MRI-guided laser ablation system. The next-generation platform introduces a redesigned software interface and hardware improvements intended to streamline workflow and prepare for future innovation in minimally invasive neurosurgery, the company said in a June 4 news release. The Visualase system uses laser interstitial thermal therapy […]
Medtronic is telling workers to return to the office more
Add Medtronic to the growing list of companies and institutions rolling back the work-from-home movement that outlasted the COVID-19 pandemic. Medtronic is increasing the in-office requirement for currently hybrid employees to four days a week from the previous three days a week, according to a Minnesota Star Tribune report. The Star Tribune cited an internal […]
Medtronic pulse oximeter tech gets FDA STeP program nod
Medtronic announced today that the FDA accepted its new Nellcor technology into its STeP program. The FDA Safer Technologies Program (STeP), a collaborative program, helps reduce the time needed to develop and earn marketing authorization for eligible devices. The FDA launched STeP in 2021, modeling the program on its breakthrough devices designation program. Now, Medtronic says […]
