Medtronic
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|
| Public | |
| Traded as | : MDT S&P 100 Component S&P 500 Component |
| Industry | Medical equipment |
| Founded | 1949 |
| Headquarters |
Dublin, Ireland (principal executive office) Fridley, Minnesota (operational headquarters) |
|
Key people
|
Omar Ishrak, Chairman and CEO |
| Products | Medical devices |
| Revenue |
 US$ 28.83 billion (2015) <
|
|
US$ 5.29 billion (2015)
|
|
|
US$ 3.24 billion (2015)
|
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| Total assets |
 US$ 99.64 billion (2015)
|
| Total equity |
US$ 52.06 billion (2015)
|
|
Number of employees
|
98 000 (2015) |
| Website | www.medtronic.com |
Medtronic is a medical device company headquartered in Dublin, Ireland. Their operational headquarters is in Fridley, Minnesota. Medtronic is the world's largest standalonemedical technology development company.
In 2015, at the time of its acquisition of Covidien, Medtronic's market capitalisation was about USD100 billion. Medtronic operates in more than 140 countries, employs over 85,000 people and has more than 53,000 patents.
Medtronic was founded in 1949 in northeast Minneapolis by Earl Bakken and his brother-in-law Palmer Hermundslie as a medical equipment repair shop.
Through their repair business, Bakken came to know Dr C. Walton Lillehei, a doctor in the field of heart surgery then at the University of Minnesota Medical School. The deficiencies of the 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. As a direct result of this blackout, a pacemaker-dependent paediatric patient of Lillehei died. The next day, Lillehei spoke with Bakken about developing some form of battery-powered pacemaker. Stemming from this need, Bakken modified a design for a transistorized metronome to create the first battery-powered external artificial pacemaker.
The company expanded through the 1950s, mostly selling equipment built by other companies, but also developing some custom devices. Bakken built a small transistorised pacemaker that could be strapped to the body and powered by batteries. Work into this new field continued, producing an implantable pacemaker in 1960. It built a headquarters in the Minneapolis suburb of St. Anthony in 1960 and moved to Fridley in the 1970s. Medtronic's main competitors in the cardiac rhythm field include Boston Scientific and St. Jude Medical. In 1998, Medtronic acquired Physio-Control for USD538 million.
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Wikipedia