Big wins, losses for Medtronic

Spinal Tech

Medtronic has had a tumultuous year, facing chief executive resignations, layoffs and shuttered facilities. 

Here are the big wins and losses the company has faced so far in 2024: 

1. In June, Medtronic CFO Karen Parkhill announced plans to resign from her role in August to take the same position at HP. 

2. Medtronic's spine segment has been growing rapidly, and the company's uncomplicated strategy should be able to help it excel, CEO Geoff Martha said June 11 at the Goldman Sachs 45th Annual Global Healthcare Conference Call.

3. Medtronic issued a Class I recall June 5 for its StealthStation System with StealthStation Cranial software, which is used for locating anatomical structures during neurosurgery. Customers complained that a software error was causing numbers or letters to be missing from the displayed text and replaced by a space in either the "distance to target" or "tip stop point" display during navigation. The missing number could cause the mechanical depth stop to be set too short or too long, causing surgeons to use an incorrect measurement for placement of the biopsy tip stop during navigation.

4. Medtronic in the fourth quarter of fiscal year 2024 saw $8.6 billion in revenue along with a net income of $654 million. Its full fiscal year sales were $32.4 billion, an increase of 3.6% year over year, but its total net income for fiscal year 2024 was $3.7 billion, a decrease of 2% year over year.

5. In May, Medtronic confirmed to Becker's that it laid off more staff as part of ongoing restructuring. The spokesperson didn't say the total number of employees affected or where affected employees were based. 

6. In April, Medtronic laid off 44 employees from its Carlsbad, Calif., facility. 

7. Medtronic Neurosurgery issued a Class I recall in March affecting 45,176 Duet external drainage and monitoring system catheter tubing following 26 reported injuries. 

8. In March, Medtronic was named among the world's most ethical companies by for-profit ethical standards company the Ethisphere Institute. Medtronic was recognized alongside 136 organizations "for their unwavering commitment to business integrity." 

9. In February, Medtronic won a long-standing patent battle against a rival company. 

10. In February, Medtronic appointed Raman Venkatesh as the company's first chief sustainability officer, leading the development and execution of Medtronic's environmental sustainability strategy.

11. In January, Medtronic announced plans to close more than five manufacturing sites and six distribution centers by the end of April. 

12. Medtronic received FDA approval for its deep brain stimulation system. 

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