30 Facts About Medtronic

Medtronic plc is an American medical device company based in Ireland for tax purposes.

Medtronic has an operational and executive headquarters in Minneapolis, Minnesota in the US.

In 2015, Medtronic acquired Irish–tax registered Covidien, in the largest U S corporate tax inversion in history, which enabled Medtronic to move its legal registration from the U S to Ireland.

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

Medtronic built headquarters in the Minneapolis suburb of St Anthony, Minnesota, in 1960 and the company moved to Fridley in the 1970s.

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In 1997, Medtronic opened a production site for implantable pacemakers and brain pacemakers in Tolochenaz, Switzerland.

In May 2019, Medtronic announced it would acquire Titan Spine, a technology company focusing on titanium spine implants.

In January 2022, the business announced it would acquire Affera, Inc 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.

In 2010, PETA attempted to stop Medtronic's reported use of live animals in testing and training.

Medtronic continues to use live animals for testing and training but has said that it will look for alternatives in the future.

In June 2014, Medtronic announced it would execute a tax inversion to Ireland by acquiring Irish-based Covidien plc, for $42.

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.

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.

In contrast, on the same day Medtronic's capitalization was listed on Bloomberg at just over $130 billion .

In May 2018, Medtronic was ranked as the world's largest medical device company by 2017 revenues .

In May 2018, Medtronic was ranked as the largest corporate tax inversion in history.

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, Parkinson disease, urinary incontinence, Down syndrome, obesity, chronic pain, spinal disorders and diabetes.

An independently-operating Dutch pacemaker manufacturer, Vitatron, acquired by Medtronic in 1986, is a European subsidiary of the unit.

In 2007, Medtronic recalled its Sprint Fidelis product, the flexible wires, or leads, which connect a defibrillator to the interior of the heart.

Studies since the recall, disputed by Medtronic, suggest that the failure rate of already-implanted Sprint Fidelis leads is increasing exponentially.

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.

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.

Medtronic 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.

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Diabetes management manufacturing and sales division of Medtronic is based on the perimeter of the California State University, Northridge campus in Northridge, California.

On 11 May 2009, Medtronic announced it had chosen San Antonio, Texas, for the location of its new Diabetes Therapy Management and Education Center.

Medtronic responded by assuring users of the full safety of its devices.

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.

Medtronic is a corporate partner of Human Rights Campaign, a large LGBT advocacy organization.