Medtronic is one of the world's largest medical device companies.
Here are 10 things to know about the device technology giant:
1. Medtronic was founded as a medical equipment repair shop in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie. Their breakthrough came when Mr. Bakken created the wearable pacemaker in 1957.
2. Today, the company's operational headquarters are in Minneapolis and their principal executive office is in Dublin, Ireland. In 2016, Medtronic funded the construction of "The Horn," a 38-ton monument situated at the entrance to U.S. Bank Stadium, the downtown Minneapolis home of the NFL's Vikings. The monument's construction is part of Medtronic's 10-year partnership with the Vikings.
3. Omar Ishrak has been the company's chairman and CEO since 2011. Previously, he had been president and CEO of General Electric Healthcare Systems. Other members of the company's leadership include Executive Vice President and President of the cardiac vascular group Michael J. Coyle; Senior Vice President and President of the Americas region Mike Genau; Executive Vice President and President of the diabetes group Hooman Hakami; and Executive Vice President and President of the minimally invasive therapies group Bryan Hanson.
4. Medtronic recently announced the launch of Medtronic Impact in its Europe, Middle East and Africa regions. The initiative is part of the company's drive towards value-based healthcare that will focus on education, development, networking and outreach.
5. Medtronic creates therapies for nearly 40 medical conditions, marketing these treatment options in over 160 countries. Physicians use Medtronic devices to treat patients suffering from any number of injuries, diseases or other ailments. According to the company's 2016 financial report, 34 percent of its revenue comes from minimally invasive therapy treatments, totaling out at $9.6 billion.
6. Some of the company's well-known spine products are the balloon kyphoplasty, cervical artificial discs and the Medtronic CD Horizon system.
7. Spine revenue increased 2 percent for the second quarter of the 2017 fiscal year, hitting $663 million. The core spine business was up by the low single digits while the BMP revenue grew in the high single digits in the U.S. for the second quarter. However, Mr. Ishrak said the company's second quarter revenue was disappointing, falling short of expectations.
8. Medtronic recently received FDA 510(k) clearance for its CardioInsight noninvasive 3D mapping system, which maps a wide range of irregular heart rhythms.
9. Medtronic received the Claritive "Top 100 Global Innovators" award in 2014, 2015 and 2016. The award honors the world's most innovative companies based on the volume, success, protection and influence of their patents.
10. The company acquired Ireland-based Covidien in 2015 in a deal valued at $49.9 billion that set off a string of acquisitions, all of which are expected to keep Medtronic among the top medical device companies in the world for the foreseeable future, according to Bloomberg. With the acquisition complete, Medtronic moved its headquarters to Ireland, where Covidien was based, in a tax inversion strategy. When Medtronic made the move, the company promised to add 1,000 jobs in Minnesota. In December 2016, the company announced eliminating low-skilled jobs and moving them to a contractor in the Philippines, according to the Star Tribune. The company has added 500 jobs in Minnesota since moving headquarters overseas and told Governor Mark Dayton Medtronic still plans to fulfill its commitment to the state.
Medtronic is an exhibitor at the Becker's 15th Annual Spine, Orthopedic and Pain Management-Driven ASC Conference + The Future of Spine event, June 22-24, 2017 in Chicago. Orthopedic and spine surgeons and industry experts will speak on the latest businss, regulatory and economic trends - to learn more and register for the event, click here.
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