10 things to know about Medtronic

Written by Shayna Korol | March 09, 2018 | Print  |

Medtronic is a global healthcare solutions company and medical device manufacturer.

Here are 10 things to know about Medtronic.

 

1. Earl Bakken and his brother-in-law Palmer Hermundslie founded Medtronic in 1949 as a medical equipment repair shop.

 

2. Medtronic's first therapeutic offering was a wearable, battery-powered cardiac pacemaker. Today, Medtronic technologies treat nearly 40 medical conditions, including diabetes, back pain and heart issues.

 

3. Medtronic operates in more than 160 countries with more than 360 locations worldwide. Its principal executive office is in Dublin, Ireland, and its operational headquarters is in Minneapolis.

 

4. Omar Ishrak has served as chairman and CEO of Medtronic since June 2011. In 2014, he led the acquisition of Covidien, a $10 billion global manufacturer of surgical products and supplies. The Covidien acquisition was the largest medical technology acquisition in the industry's history, and Medtronic moved headquarters to Ireland, where Covidien was located, in a tax inversion strategy. Here is more information on Mr. Ishrak.

 

5. Medtronic employs more than 84,000 people. The company released a new restructuring plan that is expected to save $3 billion by 2022 and will impact an undisclosed number of employees. The company expects to add $1.6 billion to $1.8 billion in charges over the next five years, with half being employee-related costs; however, the company plans to keep the total employee account steady. Currently there are 9,000 Medtronic employees in Minnesota, the largest concentration of any site worldwide.

 

6. Medtronic offers posterior occipitocervical upper-thoracic reconstructive systems, radiofrequency ablation system for spinal metastases, spinal cord neurostimulation systems, nucleus removal tools, balloon kyphoplasty and surgical imaging systems, among other spinal and orthopedic products.

 

7. Medtronic invested in spinal robotics company Mazor Robotics,starting in 2016. The company completed the third tranche of the $40 million earlier than expected in August 2017, capping the total investment at $72 million. Medtronic now holds exclusive worldwide distribution rights of Mazor X, the company's next-generation robotic system, and the two companies will work together on future development and sales.

 

8. Medtronic reported $7.3 billion in third quarter 2018 revenue, a 1 percent increase over the same period last year. The company had a net loss of around $1.4 billion. Spine revenue grew 1 percent for the quarter, hitting $661 million. On March 9, the company also reported 2018 fourth quarter cash dividend of $0.46 per ordinary share, a 7 percent increase over the previous year.

 

9. On Feb. 28, Medtronic signed a strategic partnership agreement with Lehigh Valley Health Network, an eight-hospital network serving Northern Pennsylvnia, to collaborate on value-based care. The five year strategic partnership will focus on developing innovative, sustainable and integrated value-based solutions, creating programs that will span 70 major medical conditions and impacting 500,000 patients. The partnership also hopes to reduce the cost of care by $100 million and will initially cover cardiovascular disease, stroke and lung cancer.

 

10. In 2017, Medtronic gave $101.8 million in charitable contributions.

 

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