Medtronic
![]() | |
Company type | Public |
---|---|
ISIN | IE00BTN1Y115 |
Industry | Medical equipment |
Founded | 1949 |
Headquarters | |
Key people | |
Products | Medical devices |
Revenue | ![]() |
![]() | |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | c. 95,000 (2024) |
Website | medtronic.com |
Footnotes / references Financials as of April 26, 2024[update].[2] |
Medtronic plc is an American-Irish medical device company. The company's operational and executive headquarters are in Minneapolis, Minnesota, and its legal headquarters are in Ireland due to its acquisition of Irish-based Covidien in 2015.[3][4] While it primarily operates in the United States,[5][6] it operates in more than 150 countries and employs over 90,000 people.[7] It develops and manufactures healthcare technologies and therapies.
History
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Medtronic_OHQ_Fridley_MN_2017.jpg/290px-Medtronic_OHQ_Fridley_MN_2017.jpg)
Medtronic was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop.[8] Bakken invented several medical technology devices that continue to be used around the world today.[citation needed]
Through his repair business, Bakken came to know C. Walton Lillehei, a doctor of heart surgery at the University of Minnesota Medical School. The deficiencies of the artificial pacemakers of the day were made painfully obvious following a power outage over Halloween in 1957, which affected large sections of Minnesota and western Wisconsin.[9] A pacemaker-dependent paediatric patient of Lillehei died because of the blackout.[citation needed] The next day, Lillehei spoke with Bakken about developing some form of battery-powered pacemaker. Bakken modified the design for a transistorized metronome and created the first battery-powered external pacemaker.[citation needed] It fit in a four-inch-square box that could be taped to a patient's chest, transmitted electric signals to the heart through wires that passed through the patient's chest, and could be removed without surgery.[citation needed]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/9/98/2012-0907-OldMedtronicHQ.jpg/220px-2012-0907-OldMedtronicHQ.jpg)
The company expanded through the 1950s, selling equipment built by other companies but also developing custom-made devices. Bakken built a small pacemaker that could be strapped to the body and powered by batteries. Work in the new field later produced an implantable pacemaker in 1960. The company built its headquarters in the Minneapolis suburb of St. Anthony, Minnesota, in 1960,[10] and moved to Fridley in the 1970s. Medtronic's main competitors in the cardiac rhythm field include Boston Scientific and St. Jude Medical.
In 1997, Medtronic opened a production site for implantable pacemakers and brain pacemakers in Tolochenaz, Switzerland. One in five pacemakers implanted globally today is made here. The site is also used as a European training centre for doctors.[11]
In 1998, Medtronic acquired Physio-Control for $538 million.[12]
In 2014, Integra LifeSciences announced it was acquiring instrumentation lines from Medtronic for $60 million. The deal included Medtronic's MicroFrance and Xomed manual ENT and laparoscopic surgical instruments, as well as a manufacturing facility in France.[13]
In February 2016, the company announced that it would acquire Bellco from private equity firm Charme Capital Partners.[14] In June, the company announced its acquisition of HeartWare International Inc. for $1.1 billion.[15] In December 2017, Medtronic acquired Crospon in €38 million ($45 million).[16] In September 2018, the company acquired Mazor Robotics for $1.64 billion ($58.50 per American Depository Share or $29.25 per ordinary share.[17] In late November, Medtronic acquired Nutrino Health Ltd boosting the company's nutrition-related data services and analytics.[18]
In May 2019, Medtronic announced it would acquire Titan Spine, a technology company focusing on titanium spine implants.[19] Chief Executive Officer Omar Ishrak retired in April 2020 and stayed on as executive chairman and chairman of the board until December 2020.[20][21] Ishrak was succeeded by senior executive Geoff Martha.[21]
In January 2020, the company announced its intention to acquire Stimgenics, LLC and their primary therapy: differential target, multiplexed, spinal cord stimulation.[22] In July, the company announced it would acquire Medicrea for €7.00 per share.[23] In August, Medtronic announced it would acquire Companion Medical, who manufacture a smart insulin pen system, which connects to a diabetes management app.[24] In September Medtronic acquired Avenu Medical for an undisclosed sum.[25]
In February 2021, the company recalled its HeartWare Ventricular Assist Device.[26] In June 2021, the controller ports were pulled from the market.[27] On June 3, 2021, the FDA alerted physicians to stop new implants of the HVAD system due to "an increased risk of neurological adverse events and mortality associated with the internal pump."[28]
In January 2022, the business announced it would acquire Affera, Inc.[29] In March, Medtronic announced a contract with Vizient, a healthcare performance improvement company, to add Medtronic's Touch Surgery Enterprise platform to Vizient's healthcare offerings.[30][31] Touch Surgery works with laparoscopic and robotic scopes and is an AI-powered video management and analytics platform for the operating room.[30][31] In May, Medtronic and DaVita Inc. announced plans to form a new, independent kidney care-focused medical device company.[32] Medtronic's Renal Care Solutions business will be part of the new company.[32]
In April 2022, the company announced that it would work with GE Healthcare to support the needs and care demands at Ambulatory Surgery Centers.[33] In July, Medtronic announced a strategic partnership with CathWorks, a coronary artery disease (CAD) technology developer.[34] A separate agreement gave Medtronic the option to acquire CathWorks in the future.[34]
In October, 2022, the company announced its intention to pursue a separation of the company's combined Patient Monitoring and Respiratory Interventions businesses, which are part of the company's Medical Surgical Portfolio.[35]
Acquisition history
- Medtronic
- Medtronic plc
- Medtronic Inc. (Founded 1949)
- Ardian Inc[36] (Acq 2010)
- Osteotech Inc[37] (Acq 2010)
- ATS Medical[38] (Acq 2010)
- Krauth Cardiovascular[39] (Acq 2010)
- Fogazzi[39] (Acq 2010)
- Invatec[39] (Acq 2010)
- PEAK Surgical, Inc[40]< (Acq 2011)
- Salient Surgical Technologies Inc[41] (Acq 2011)
- China Kanghui Holdings[42] (Acq 2012)
- NGC Medical[43] (Acq 2014)
- Sapiens Steering Brain Stimulation (Acq 2014)[44]
- TYRX Inc (Acq 2014)[45]
- Covidien (Formed 2007 from Tyco International healthcare business spin off)
- Sapheon Inc[46] (Acq 2014)
- Reverse Medical Corporation[47] (Acq 2014)
- Given Imaging[48] (Acq 2014)
- Aspect Medical Systems
- Somanetics Corp[49] (Acq 2010)
- ev3 Inc[50] (Acq 2010)
- CV Ingenuity[51] (Acq 2012)
- BÂRRX[52] (Acq 2012)
- Newport Medical Instruments[53] (Acq 2012)
- superDimension[54] (Acq 2012)
- Oridion Systems[55] (Acq 2012)
- VNUS Medical Technologies
- Medtronic Inc. (Founded 1949)
- Advanced Uro-Solutions[56] (Acq 2015)
- Diabeter[57] (Acq 2015)
- CardioInsight Technologies[58] (Acq 2015)
- Aptus Endosystems[59] (Acq 2015)
- RF Surgical Systems[60] (Acq 2015)
- Medina Medical[61] (Acq 2015)
- Lazarus Effect[62] (Acq 2015)
- Bellco[63] (Acq 2016)
- HeartWare International Inc (Acq 2016)
- Crospon (Acq 2017)
- Mazor Robotics (Acq 2018)
- Nutrino Health Ltd (Acq 2018)
- Titan Spine (Acq 2019)
- Klue (Acq 2019)[64]
- Stimgenics, LLC (Acq 2020)
- Medicrea (Acq 2020)
- Companion Medical (Acq 2020)
- Avenu Medical[65] (Acq 2020)
- Intersect ENT (Acq 2022)[66]
- Digital Surgery (Acq 2020)[67]
- Affera, Inc. (Acq 2022)
- Medtronic plc
Global rankings
In May 2018, Medtronic was ranked as the world's largest medical device company by 2017 revenues (see table below).[5][68][69]
In March 2017, Bloomberg's database of U.S. tax inversions listed Medtronic and Wright Medical Group (Medtronic's 2015 inversion to Ireland was over $100 billion, while Wright's 2015 inversion to the Netherlands was $3.3 billion), as the only U.S. tax inversions of a U.S. medical device company in history.[70] In February 2018, the Wall Street Journal listed Medtronic's 2015 tax inversion to Ireland as the largest U.S. corporate tax inversion executed between 2013 and 2016.[6] In May 2018, Medtronic was ranked as the largest corporate tax inversion in history.[71]
Rank | Company name | 2017 Revenue ($ m) |
Legal headquarters (tax registration) |
Executive headquarters (if different from legal) |
Parent company (if a subsidiary) |
---|---|---|---|---|---|
1 | Medtronic | 29,710 | Dublin, Ireland | Fridley, Minnesota, U.S. | – |
2 | DePuy Synthes | 26,592 | Raynham, MA, U.S. | – | Johnson & Johnson |
3 | Fresenius Medical Care | 20,900 | Bad Homburg, Germany | – | Fresenius SE |
4 | Philips Healthcare | 20,896 | Amsterdam, Netherlands | – | Philips |
5 | GE Healthcare | 19,116 | Chicago, Illinois, U.S. | – | General Electric |
6 | Siemens Healthineers | 16,206 | Erlangen, Germany | – | Siemens |
7 | Cardinal Health | 13,524 | Dublin, Ohio, U.S. | – | – |
8 | Stryker | 12,444 | Kalamazoo, Michigan, U.S. | – | – |
9 | Becton Dickinson | 12,093 | Franklin Lakes, New Jersey, U.S. | – | – |
10 | Baxter International | 10,561 | Deerfield, Illinois, U.S. | – | – |
In November 2021, the company was added to the Dow Jones Sustainability World Index.[72]
Business units and subsidiaries
Medtronic has four main business units: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group. Medtronic develops and manufactures devices and therapies to treat more than 30 chronic diseases, including heart failure,[73] Parkinson disease, urinary incontinence, Down syndrome, obesity, chronic pain, spinal disorders and diabetes.
CRDM
Cardiac rhythm disease management (CRDM) is the oldest and largest of Medtronic's business units. Its work in heart rhythm therapies dates back to 1957 when Bakken developed the first wearable heart pacemaker to treat abnormally slow heart rates. Since then, it has expanded its expertise in electrical stimulation to treat other cardiac rhythm diseases. It has also made an effort to address overall disease management by adding diagnostic and monitoring capabilities to many of its devices. An independently-operating Dutch pacemaker manufacturer, Vitatron, acquired by Medtronic in 1986, is now a European subsidiary of the unit.[74] Medtronic and Vitatron pacemakers are interrogated and programmed by Medtronic Carelink Model 2090 Programmer for Medtronic and Vitatron Devices; they use separate interfaces.[75]
In 2007, Medtronic recalled its Sprint Fidelis product, the flexible wires, or leads, which connect a defibrillator to the interior of the heart. The leads were found to be failing at an unacceptable rate, resulting in unnecessary shocks or no shocks when needed; either can be lethal. The scope of the problem continues to be a matter of research. Studies since the recall, disputed by Medtronic, suggest that the failure rate of already-implanted Sprint Fidelis leads is increasing exponentially. Medtronic's liability is limited by various court decisions.[76]
Spinal and biologics
Spinal and biologics is Medtronic's second-largest business. Medtronic is the world leader in spinal and musculoskeletal therapies. In 2007, Medtronic purchased Kyphon, a manufacturer and seller of spinal implants that are necessary for procedures like kyphoplasty.[77]
In May 2008, Medtronic Spine agreed to pay the US government $75 million to settle a qui tam lawsuit after a whistleblower alleged that Medtronic committed Medicare fraud. The company was charged with illegally convincing healthcare providers to offer kyphoplasty, a spinal fracture repair surgery, as an inpatient, not an outpatient, procedure to make thousands of dollars more in profits per surgery.[78]
A "special report" by writer Steven Brill in Time showed that according to Medtronic's quarterly SEC filing of October 2012, the company had, on average, a 75.1% profit margin on its spine products and therapies.[79]
Cardiovascular
Medtronic's cardiovascular therapies span the major specialties of interventional cardiology, cardiac surgery, and vascular surgery. The products are used to reduce the potentially debilitating effects of coronary, aortic, and structural heart disease.
Neuromodulation
Neuromodulation is the second-oldest and third-largest department of Medtronic. Its products include neurostimulation systems and implantable drug delivery systems for chronic pain, common movement disorders, and urologic and gastrointestinal disorders. The department's revenues in 2014 amounted to $1.9 billion, or 11% of Medtronic's total revenues.[80]
Diabetes
The diabetes management manufacturing and sales division of Medtronic is based on the perimeter of the California State University, Northridge campus in Northridge, California.[81][82][83] The original company, Minimed Technologies, was founded in 1983 by Alfred E. Mann and spun off from Pacesetter Systems to design and market an open loop insulin pump.[84] The MiniMed 502 was one of the first lightweight insulin pumps on the market, and it helped bring insulin pump usage to the mainstream market.
In 1992, the MiniMed 506 was a major redesign to make it more appealing to consumers. The new design was met by boosted adoption rate, and sales increased by 357%.[85] In 2001, Medtronic purchased Minimed, to form Medtronic Minimed.[86]
On 11 May 2009, Medtronic announced it had chosen San Antonio, Texas, for the location of its new Diabetes Therapy Management and Education Center. The company announced that it expected 1400 new jobs would be created to staff the 150,000-square-foot (14,000 m2) facility.[87]
In September 2016, the FDA approved a device, the MiniMed 670G which was launched in 2017. It was the world's first Hybrid Closed Loop system for people with type 1 diabetes. Featuring the company's advanced algorithm - SmartGuard technology and glucose sensor - Guardian™ Sensor 3, it was the first insulin pump approved by the Food and Drug Administration (FDA) that enabled personalized and automated* delivery of basal insulin, the background insulin needed to maintain stable blood sugar levels throughout the day and night. The advanced SmartGuard Auto Mode algorithm worked in conjunction with the company's glucose sensor - Guardian Sensor 3 - to self-adjust basal insulin delivery based on the glucose sensor.[88]
Surgical technologies
The surgical technologies business group designed and manufactured products for the diagnosis and treatment of ear, nose, and throat (ENT) diseases and cranial, spinal, and neurologic conditions. It also encompassed a surgical navigation division to design "StealthStation" systems, software, and instruments for computer assisted surgery (CAS) and a special intraoperative X-ray imaging system (3D fluoroscopy), known as the O-arm Imaging System. Many of the products are used for minimally-invasive surgical procedures. In 2016, the business unit was dissolved, and each site folded into new business groups.
Renal Care Solutions
The Renal Care Solutions business group designed and manufactured products for the diagnosis and treatment related to Renal organs like Kidney. In 2023 this business unit was spun off into an independent business called Mozarc Medical.
Technology safety
In 2011, an independent security researcher, Jay Radcliffe, revealed a security vulnerability in a Medtronic insulin pump at the Computer Security conference Black Hat Briefings, allowing an attacker to take control of the pump. Medtronic responded by assuring users of the full safety of its devices.[89]
In 2008, a team of computer security researchers was able to take remote control of a Medtronic cardiac implant. The team, using an unused implant in a lab, was able to control the electrical shocks delivered by the defibrillator component and even glean patient data from the device.[90]
In February 2020, Medtronic recalled around 322,000 MiniMed insulin pumps with faulty pump retainer rings, which had been correlated to death and around 2,000 injuries.[91]
Portable ventilators
On 30 March 2020, Medtronic shared its portable ventilator design specifications during the outbreak of COVID-19 pandemic, in order to accelerate global ventilator production.[92]
Subsidiaries
Vitatron
Vitatron is a Netherlands-based European subsidiary of Medtronic. It is focused on development and manufacturing of cardiac pacing technology. Once an independently operating Dutch medical company, it was acquired by Medtronic in 1986.[93] Vitatron pacemakers are interrogated and programmed by Medtronic Carelink Model 2090 Programmer for Medtronic and Vitatron Devices, using a separate interface.[94]
History of Vitatron
- 1956: Vitatron founded
- 1962: First Implantable pacemakers
- 1981: Microprocessor-driven, software-based pacemaker (DPG1)
- 1982: Rate Responsive pacemaker (TX1)
- 1984: Quintech DDD with automatic upper rate behavior ("mode switch")
- 1988: Daily Learn algorithm (Rhythmyx)
- 1997: First upgradeable pacemaker system with dedicated AF diagnostics, rate and rhythm control therapy.
- 2003: Vitatron goes digital: 1st Vitatron C-Series, the world's first fully digital pacemaker.[95]
- 2004: 2nd Vitatron C-Series, digital, fast pacemaker.
- 2004: Vitatron T-Series: The full picture, digital pacemaker system.
- 2005: Vitatron C-Series, A3 models, a new top line range of digital pacemakers for bradycardic patients.
Public-private engagement
Activism
Medtronic is a corporate partner of Human Rights Campaign, a large LGBT advocacy organization.[96]
Criticism
Animal rights
In 2005, 2008, and 2010 PETA threatened to submit a shareholder resolution to improve animal welfare standards in the company. In 2005, PETA attempted to stop five specific animal experiments that it deemed "crude and cruel". In 2008, PETA protested the outsourcing of animal testing to countries with lax animal welfare laws, such as China. In 2010, PETA attempted to stop Medtronic's reported use of live animals in testing and training. In response, Medtronic conducted a feasibility study that found that banning the use of live animals was impractical. As of 2015 Medtronic continued to use live animals for testing and training but stated that it would look for alternatives in the future. In each case, PETA withdrew its shareholder resolution after talks with Medtronic's leadership.[97][98][needs update]
Tax inversion to Ireland
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/49/Medtronic_plc_Headquarters_Ireland.jpg/220px-Medtronic_plc_Headquarters_Ireland.jpg)
In June 2014, Medtronic announced it would execute a tax inversion to Ireland by acquiring Irish-based Covidien (a previous U.S. tax inversion to Ireland in 2007), for $42.9 billion in cash and stock.[3][99] The tax inversion enabled Medtronic to move its legal headquarters to Ireland, while maintaining its operational and executive headquarters in the U.S., thus allowing it to avoid taxation on more than $14 billion held overseas, and avail of Ireland's beneficial low corporation tax regime.[70] Medtronic's tax inversion is the largest tax inversion in history,[6][70][100] and given the changes in the U.S. tax-code in 2016 to block the Pfizer-Allergan Irish tax inversion, is likely to remain the largest.[101] Medtronic CEO Omar Ishrak defended the tax inversion in a 2015 interview to the Financial Times saying, "We just followed the rules and the deal was done based on strategic merits".[102] Ireland is less than 0.1% of Medtronic (or Covidien) sales, and the majority of Medtronic's sales, and an even greater percentage of Medtronic profits (due to the higher margins on U.S. medical devices), are from the U.S. healthcare system.[6] In 2016, the Star Tribune reported that Medtronic was still winning U.S. Federal contracts and attending U.S. trade-missions as a U.S. company.[103]
In terms of scale, on 23 November 2018, Ireland's largest stockbrokers, Davy Stockbrokers reported that the total capitalization of the Irish stock market was €104 billion (this does not include Medtronic, which Davy do not consider an Irish company).[104] In contrast, on the same day Medtronic's capitalization was listed on Bloomberg at just over $130 billion (or €115 billion).
Medtronic's acquisition of Covidien made Medtronic the world's largest medical device company by revenues.[5]
Response to 2022 Russian invasion of Ukraine
During the 2022 Russian invasion of Ukraine, Medtronic refused to join the international community and withdraw from the Russian market. Research from Yale University updated on April 28, 2022, identifying how companies were reacting to Russia's invasion identified Medtronic in the worst category of "Digging In", meaning Defying Demands for Exit: companies defying demands for exit/reduction of activities.[105]
See also
- Corporate tax inversions to Ireland
- Ireland as a tax haven
- Steris, US medical device tax inversion to UK and Ireland
References
- ^ a b "Locations". medtronic.com.
- ^ "Medtronic Plc FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 20 June 2024.
- ^ a b "Medtronic to buy Covidien for $42.9 billion, rebase in Ireland". Reuters. 16 June 2014.
U.S. medical device maker Medtronic Inc (MDT.N) said on Sunday it had agreed to buy Covidien Plc COV.N for $42.9 billion in cash and stock and move its executive base to Ireland in the latest transaction aiming for lower corporate tax rates abroad.
- ^ Reilly, Mark (16 June 2014). "Medtronic will buy Covidien for $42.9 billion; HQ goes to Ireland, CEO stays here". www.bizjournals.com. Retrieved 25 October 2022.
- ^ a b c d Monique Ellis (30 May 2018). "The top 10 medical device companies". Proclinical.
Medtronic is the top medical device company in the world for 2018 with an impressive annual revenue nearly $30 billion in 2017. The company experienced a 3% increase in revenue compared with 2016 figures and they reported 'balanced, diversified growth across all groups and regions'. Revenue increases are also due in part to the consolidation of its acquisition of Covidien.
- ^ a b c d Jonathan D. Rockoff; Nina Trentmann (11 February 2018). "New Tax Law Haunts Inversion Deals". Wall Street Journal.
- ^ Yu, Jea (27 July 2022). "Medtronic Stock Keeps Ticking Forward". Entrepreneur. Retrieved 19 October 2022.
- ^ "Our History". Medtronic. Archived from the original on 15 September 2015. Retrieved 13 August 2015.
- ^ Lorna Benson (31 October 2007). "Halloween blackout of '57 spurs creation of portable pacemaker". publicradio.org.
- ^ Sam Black, Old Medtronic headquarters is sold to Islamic group, Minneapolis/St. Paul Business Journal, 6 September 2012, accessed 14 March 2013.
- ^ "MEDICAL TECHNOLOGY – FROM CRAFTS TO HIGH-TECH". Swiss Medtech. Retrieved 12 October 2021.
- ^ "Medtronic to Acquire Physio-Control". Los Angeles Times. 30 June 1998.
- ^ "Medtronic unloads instrument lines to Integra for $60M". FierceBiotech. 17 September 2014. Retrieved 22 August 2021.
- ^ Lawrence, Stacy (1 February 2016). "Medtronic acquires Italian hemodialysis player as part of newly formed renal care biz". FierceMedicalDevices.com. FierceMarkets, a division of Questex, LLC. Retrieved 12 February 2016.
- ^ kristen_hallam, Michelle Cortez FayCortez Kristen Hallam (27 June 2016). "Medtronic Adds Heart Devices in $1.1 Billion HeartWare Deal". Bloomberg.com. Retrieved 19 July 2016.
- ^ "Medtronic Takes Out Crospon in $45M Deal". BioSpace.
- ^ "Today's Stock Market News and Analysis from Nasdaq.com". NASDAQ.com.
- ^ "Medtronic to Acquire Nutrino Health". BioSpace. 26 November 2018.
- ^ "Medtronic Enters into Definitive Agreement to Acquire Titan Spine". BioSpace. 13 May 2019.
- ^ "Cargill adds former Medtronic CEO to board". www.bakingbusiness.com. Retrieved 22 August 2021.
- ^ a b "Geoff Martha officially takes over corner office at Medtronic". MassDevice. 27 April 2020. Retrieved 22 August 2021.
- ^ "Medtronic Acquires Stimgenics, Pioneer of DTM™, a Novel Spinal Cord Stimulation Therapy". BioSpace.
- ^ "Medtronic to Acquire Medicrea". 15 July 2020.
- ^ "Medtronic to Acquire Smart Insulin Pen Company Companion Medical". 11 August 2020.
- ^ "Medtronic to Acquire Avenu Medical". 30 September 2020.
- ^ "Medtronic has another serious HVAD recall". MassDevice. 15 April 2021. Retrieved 23 June 2021.
- ^ "Medtronic stops sales of its HVAD system". MassDevice. 3 June 2021. Retrieved 23 June 2021.
- ^ Health, Center for Devices and Radiological (3 June 2021). "Stop New Implants of the Medtronic HVAD System – Letter to Health Care Providers". FDA.
- ^ "Medtronic to Acquire Affera". 10 January 2022.
- ^ a b Whooley, Sean (9 March 2022). "Medtronic inks deal to add Hugo-compatible, AI-based surgical system to Vizient's offerings". MassDevice. Retrieved 6 September 2022.
- ^ a b Pennic, Jasmine (9 March 2022). "Medtronic Taps Vizient to Offer AI-Powered Surgical Video Management & Analytics Platform for OR". hitconsultant.net. Retrieved 14 September 2022.
- ^ a b "Medtronic (MDT) and DaVita (DVA) to Form new Independent Kidney Technology Company". StreetInsider.com. Retrieved 21 September 2022.
- ^ jenelle (29 April 2022). "GE Healthcare and Medtronic Announce Collaboration to Meet Growing Need for Outpatient Care". DAIC. Retrieved 28 September 2022.
- ^ a b Whooley, Sean (12 July 2022). "Medtronic partners with CathWorks with option to acquire down the line". MassDevice. Retrieved 16 September 2022.
- ^ "Medtronic announces intention to separate its combined Patient Monitoring and Respiratory Interventions businesses". Medtronic News. Retrieved 28 November 2022.
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ a b c Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com. Archived from the original on 10 October 2017. Retrieved 16 July 2015.
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com.[permanent dead link]
- ^ Medtronic. "Press Release". medtronic.com. Archived from the original on 7 October 2018. Retrieved 16 July 2015.
- ^ Medtronic. "Press Release". medtronic.com. Archived from the original on 6 October 2018. Retrieved 16 July 2015.
- ^ Medtronic. "Press Release". medtronic.com. Archived from the original on 7 October 2018. Retrieved 16 July 2015.
- ^ "Medtronic to buy cerebral aneurysm stealth startup Medina for $150M+". FierceMedicalDevices.
- ^ "Medtronic to buy stent retriever cover startup Lazarus Effect for $100M | FierceBiotech". Fiercemedicaldevices.com. 28 September 2015. Retrieved 2 June 2019.
- ^ "Medtronic acquires Italian hemodialysis player as part of newly formed renal care biz | FierceBiotech". Fiercemedicaldevices.com. 1 February 2016. Retrieved 2 June 2019.
- ^ Maria Rachal (18 December 2019). "Medtronic acquires meal detection tech to bolster personalized closed loop system". medtechdive.
- ^ "Medtronic to acquire Avenu Medical". massdevice.com. 30 September 2020. Retrieved 1 October 2019.
- ^ Christopher Snowbeck (13 May 2022). "Medtronic closes on deal to acquire Intersect ENT". Star Tribune.
- ^ Richard Staines (19 February 2020). "Medtronic acquires AI specialist Digital Surgery". pharmaphorum.
- ^ a b "Top 10 Medical Device Companies". IgeaHub. Archived from the original on 2 December 2018. Retrieved 1 December 2018.
- ^ a b Sarah Schmidt (6 November 2017). "Top 10 Medical Device Companies". MarketResearch.com.
- ^ a b c "Tracking Tax Runaways". Bloomberg News. 1 March 2017.
Bloomberg Special Reports: Corporate Tax Inversions
- ^ TARA LACHAPELLE (16 May 2018). "World's largest tax inversion doing little to inspire investors". The Globe and Mail.
- ^ https://www.esgtoday.com/dow-jones-sustainability-indices-results-announced-alphabet-medtronic-are-in-nestle-totalenergies-out/ [bare URL]
- ^ "Congestive Heart Failure Treatment Devices Market: In-Depth Analysis & Forecast 2020-2030". BioSpace. Retrieved 1 December 2022.
- ^ Manning, John (20 July 1997). "Vitatron, Medtronic integrate sales force".
- ^ "MEDTRONIC CARELINK ® PROGRAMMER" (PDF). Medtronic. Archived from the original (PDF) on 26 September 2015. Retrieved 24 April 2013.
- ^ Burton, Thomas M. (4 February 2010). "Hospitals Dispute Medtronic Data on Wires". Wall Street Journal. pp. D6.
- ^ Joshua Freed (27 July 2007). "Medtronic to acquire Kyphon". USA Today. Associated Press.
- ^ "Medtronic unit will pay $75 million to settle whistleblower Medicare fraud case" Phillips & Cohen LLP Press Release. 22 May 2008.
- ^ "Bitter Pill: Why medical bills are killing us" Archived 22 December 2015 at the Wayback Machine Time, 28 February 2013
- ^ Valerie Silverthorne (1 May 2016). "Sometimes the right ALM platform isn't the obvious one". searchsoftwarequality.techtarget.com. Retrieved 20 May 2016.
- ^ "North Campus Development Corporation". California State University, Northridge. 18 April 2013. Retrieved 4 February 2022.
- ^ Gregory J. Wilcox for the LA Daily News. 11 June 2015 Medtronic Diabetes laying off more than 400 at Northridge site
- ^ Lucas, Michael P. (9 May 2000). "CSUN and MiniMed Seek Synergy on Campus". Los Angeles Times. Retrieved 1 September 2023.
- ^ Karen Robinson-Jacobs for the LA Times. 1 June 2001 After-Sale, MiniMed Founder Returns to the Start-Up Lab
- ^ Pierson, John (22 November 1999). "Style And Substance: Why Design Matters Many small-business owners believe they can't afford good product design. Why some companies are rethinking that equation. – November 22, 1999". Money.cnn.com. Retrieved 24 April 2013.
- ^ Karen Robinson-Jacobs for the LA Times. 31 May 2001 Medtronic to Buy MiniMed and Affiliate
- ^ "Medtronic Announces San Antonio as Home of New Diabetes Facility". Medtronic. 11 May 2009. Retrieved 11 May 2009.
- ^ "Recently approved devices: The 670G System – P160017". FDA. 28 September 2016.
- ^ JORDAN ROBERTSON – AP Technology Writer (25 August 2011). "Insulin pump maker identified after hacking talk – CBSN Minnesota". minnesota.cbslocal.com/. Retrieved 14 December 2020.
- ^ Barnaby j. feder (12 March 2008). "A Heart Device Is Found Vulnerable to Hacker Attacks". newyorktimes.com. Retrieved 23 May 2014.
- ^ "Medtronic recalls more than 322K insulin pumps tied to 1 death, thousands of injuries". wcpo.com. 12 February 2020.
- ^ "Medtronic Shares Ventilation Design Specifications to Accelerate Efforts to Increase Global Ventilator Production". medtronic.com. 30 March 2020.
- ^ "Twin cities". www.bizjournals.com. 21 July 1997. Retrieved 2 June 2019.
- ^ "Manual" (PDF). manuals.medtronic.com. Archived from the original (PDF) on 3 March 2016. Retrieved 2 June 2019.
- ^ "World's First Fully Digital Pacemaker From Vitatron Wins FDA Clearance" (Press release). Vitatron. Archived from the original on 23 November 2012. Retrieved 25 August 2011 – via Medscape.
- ^ "Corporate Partners". Human Rights Campaign. Archived from the original on 14 July 2022. Retrieved 14 July 2022.
- ^ Moore, Janet (8 July 2008). "Medtronic, PETA agree on care of test animals". Star Tribune. Retrieved 10 February 2015.
- ^ Sarvestani, Arezu (19 May 2014). "Animals in labs: PETA's long history with the MedTech industry". Mass Device. Retrieved 10 February 2015.
- ^ "Medtronic acquires Covidien". Bloomberg. 16 June 2014.
- ^ Emily Stewart (22 July 2017). "As Treasury Moves to Bring Back Inversions, Here are 7 of the Biggest Recent Deals". TheStreet.
- ^ "Treasury's New Inversion Rules". Wall Street Journal. 5 April 2016.
After a merger, if the shareholders of the former U.S. company own at least 80% of the combined firm, the government treats the new combined business is subject to U.S. taxes, basically negating the inversion, even if its address is abroad. If they own at least 60%, some restrictions apply but the company is still considered foreign. That's led companies to keep their inversions below 60%—and prompted the government to propose rules halting various techniques for doing so.
- ^ David Crow (27 January 2015). "Medtronic: the tax inversion that got away". Financial Times.
Omar Ishrak, the Bangladesh-born chairman and chief executive of Medtronic, says that buying Covidien was as much about corporate strategy as a tax: "We just followed the rules and the deal was done based on strategic merits. So that's why it's more resilient to some of the obvious things that the Treasury did"
- ^ Renae Merie (9 September 2016). "Medtronic, now based in Ireland, still reaps U.S. benefits". Star Tribune.
Since its "inversion," the company has been awarded more than $40 million in federal contracts and its executives still work at its Fridley campus.
- ^ "Davy Weekly Irish Stock Market Book" (PDF). Davy Stockbrokers. 23 November 2018.
- ^ "Over 750 Companies Have Curtailed Operations in Russia—But Some Remain". Yale School of Management. Retrieved 28 April 2022.
External links
- Official website
- Business data for Medtronic: