Medtronic is a Minneapolis-based company providing medical technology, service, and solutions to treat chronic diseases that is headquartered in and was founded in 1949 by Daniel Grossman, Earl Bakken, Palmer Hermundslie, and Patrick Wells.
Medtronic is among the largest medical device companies in the world. With over 90,000 employees and operations in 150 countries. Medtronic provides products for treating many health conditions including cardiac devices, cranial and spine robotics, insulin pumps, surgical tools, patient monitoring systems, and more.
Medtronic was founded in 1949 as a medical equipment repair shop operating out of a Minneapolis garage. Highlights from the company's history include:
- 1957 - Created the first external, wearable, battery-powered, transistorized heart pacemaker, and commercialized the first implantable pacemaker in 1960.
- 1977 - Introduced the prosthetic heart valve.
- 1983 - Expanded into neuro-stimulation.
- 1999 - Expanded into spinal care.
- 2001 - Expanded into diabetes care
- 2015 - Acquired Covidien a manufacturer of medical devices and supplies.
- 2016 - Introduced the world's smallest pacemaker and the first hybrid closed-loop insulin delivery.
- 2017 - Introduced the world's smallest implantable spinal cord stimulator.
- 2019 - Launched Mazor X Stealth Edition system for robotic-assisted spine surgery.
Medtronic announced on March 18, 2020 they have increased the production of their ventilators by 40%, and plan to double their manufacturing and supply capacity of ventilators in response to the COVID-19 pandemic. The company will double their employees focused on manufacturing ventilators and add additional ventilator productions shifts to help increase its overall ventilator manufacturing capacity. The executive vice president and president of the Minimally Invasive Therapies Group at Medtronic, Bob White, made the following statements regarding the COVID-19 pandemic and the company's response:
Medtronic recognizes the demand for ventilators in this environment has far outstripped supply. “No single company will be able to fill the current demands of global healthcare systems. However, with all manufacturers increasing their production and through partnerships with governments, hospitals and global health organizations, Medtronic is committed to getting more ventilators into the market and to the right locations in the world to help doctors and patients dealing with COVID-19.
On August 15, 2016 Medtronic announced raising $20 million in post-ipo equity funding from Trade Capital Funding.
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