Medtronic

Medtronic

A company providing medical technology, service and solutions to treat chronic diseases.

Medtronic is a company providing medical technology, service and solutions to treat chronic diseases that is headquartered in Minneapolis, Minnesota 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.

History

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.

COVID-19 response

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.

Funding

Post-IPO equity

On August 15, 2016 Medtronic announced raising $20 million in post-ipo equity funding from Trade Capital Funding.

Timeline

June 15, 2020

Medtronic announces a $337 million product investment from Blackstone Life Sciences to expand development of future diabetes technologies.

May 9, 2019

Philips announced collaboration with Medtronic to further advance the image-guided treatment of atrial fibrillation

Royal Philips announced a collaboration with Medtronic to further advance treatment of paroxysmal atrial fibrillation (PAF), a heart rhythm disorder.

December 19, 2018

Medtronic (NYSE:MDT) said today that it closed the $1.7 billion acquisition of Mazor Robotics (NSDQ:MZOR) and its robot-assisted surgery platform, capping the buyout with the announcement that their first jointly produced product won an FDA nod.

With today's announcement, in bringing the two companies together Medtronic aims to accelerate the advancement and adoption of robotic-assisted surgery in spine for the benefit of patients, providers, and the healthcare system more broadly," restorative therapies president Geoff Martha said in prepared remarks.

January 4, 2013

Medtronic raises a $120,000 seed round.

August 24, 2012

Medtronic raises a $8,600,000 series B round.

June 1, 2011

Medtronic raises a $18,730,400 series A round from Wellington Partners.

March 7, 2011

Medtronic raises a $2,399,250 series A round.

July 14, 2010

Medtronic raises a $15,000,000 series D round from Greenspring Associates, Delphi Ventures, Sutter Hill Ventures, Highland Capital Partners and Alloy Ventures.

April 7, 2010

Medtronic raises a $14,000,000 series B round from Early Stage Partners and Emergent Medical Partners.

February 4, 2008

Medtronic raises a $21,000,000 series C round from Lehman Brothers and Venrock.

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Acquisitions

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Funding rounds

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People

Name
Role
LinkedIn

June Fujimoto

Employee

Sheri Bly

Employee

Aaron Schaefer

Employee

abhimanyu bari

Employee

Abhishek Sood

Employee

Adam Abdool

Employee

Adeesh Agarwal

Employee

aditi joshi

Employee

Aditya Patel

Employee

Adlai Howe

Employee

Ajinkya Joglekar

Employee

Alejandro Salcedo

Employee

Alex Clements

Employee

Alexandra Jones

Employee

Alexandra Jones

Employee

Alexandre Paute

Employee

Alexis Waxweiler

Employee

Allison Braly

Employee

Amar Kanwal

Employee

Ameet Kamath

Employee

Amichai Vardi

Employee

Amith Wijesuriya

Employee

Amos Daskal

Employee

ana marquez fernandez

Employee

Ana Romero

Employee

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Further reading

Title
Author
Link
Type
Date

Correction: Medtronic Continuing to Increase Ventilator Production to Address COVID-19 Pandemic

Medtronic plc

Web

March 18, 2020

Meditronic Explores The Next Frontier In Healthcare: Regenerative Medicine

Medtronic

Web

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Conor Hale
June 25, 2020
FierceBiotech
The FDA has approved Medtronic's latest deep-brain stimulation implant featuring the ability to read, capture and transmit a patient's brain signals during therapy.
Conor Hale
June 14, 2020
FierceBiotech
Medtronic is rolling out free upgrades that will allow each of its ventilators to be controlled from a dedicated device outside of a COVID-19 isolation room.
June 15, 2020
WebWire
Medtronic plc (NYSE:MDT) and Blackstone (NYSE:BX) announced that Medtronic intends to significantly increase research and development (R&D) funding in its Diabetes Group through an agreement to receive $337 million of funding from funds managed by Blackstone Life Sciences ("BXLS") including co-investors, aimed at advancing new, innovative products especially designed to reduce the burden of diabetes management. The announcement was made in conjunction with the start of the virtual 80th Sc...
BioSpace
June 11, 2020
BioSpace
Next Generation Closed Loop Insulin Pump System Features Auto-Correction Algorithm and Bluetooth Connectivity
BioSpace
June 4, 2020
BioSpace
Titan Medical Inc. ("Titan" or "Titan Medical") (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of single-port robotic surgical technologies, announces that it has entered into a development and license agreement with Medtronic plc ("Medtronic") (NYSE: MDT) to further the development of robotic assisted surgical technologies, as well as a separate license agreement with Medtronic in respe
Conor Hale
May 18, 2020
FierceBiotech
Medtronic delivered new data from two clinical trials evaluating the long-term safety and shorter-term performance of its transcatheter pulmonary valve replacement therapies for children with congenital heart disease.
Darrell Etherington
March 30, 2020
TechCrunch
Healthcare and biomedical engineering company Medtronic, which was in the news recently because Tesla CEO Elon Musk had discussions with the company about the automaker's potential plans to build ventilator hardware in order to , but today it's doing something potentially far more impactful. Medtronic is making the full design specifications, produce manuals, design documents, [...]
Reuters Editorial
March 21, 2020
U.S.
As the United States is combating a shortage of ventilators and respirators amid the coronavirus outbreak, Tesla Chief Executive Officer Elon Musk said he has had a discussion about ventilators with medical device maker Medtronic.
May 9, 2019
WebWire
Royal Philips (NYSE: PHG, AEX: PHIA) today announced a collaboration with Medtronic to further advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder. Through the agreement, Medtronic will facilitate sales of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures. Philips will bring to market the novel KODEX-EPD cardiac imaging and navigation system with cryoablation specific features to en...
Fink Densford
February 28, 2019
MassDevice
The Medical Device Business Journal -- Medical Device News & Articles | MassDevice
Reuters Editorial
Invalid Date
U.S.
Medical device maker Medtronic Plc on Tuesday reported a 2.4 percent rise in third-quarter revenue, driven by higher sales in surgical products unit and restorative therapies group.
Fink Densford
January 25, 2019
MassDevice
The Medical Device Business Journal -- Medical Device News & Articles | MassDevice
Fink Densford
January 8, 2019
MassDevice
The Medical Device Business Journal -- Medical Device News & Articles | MassDevice
Brad Perriello
December 19, 2018
MassDevice
The Medical Device Business Journal -- Medical Device News & Articles | MassDevice
Fink Densford
December 17, 2018
MassDevice
The Medical Device Business Journal -- Medical Device News & Articles | MassDevice
October 22, 2018
AP NEWS
MINNEAPOLIS (AP) -- Earl Bakken, an electronics repairman who created the first wearable external pacemaker and co-founded one of the world's largest medical device companies, Medtronic, has died. He was 94. Bakken, who also commercialized the first implantable pacemaker in 1960, died Sunday at his home in Hawaii, Medtronic said in a statement. It didn't give a cause of death. Bakken and his brother-in-law, Palmer Hermundslie, formed Medtronic in 1949 and turned it from a struggling company they ran out of the Hermundlie family's Minneapolis garage into a multinational medical technology powerhouse.

References

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