The story
Founded by Earl Bakken in 1949, in Fridley.1
Foundation and early years
Medtronic was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop. Bakken invented several medical technology devices that continue to be used around the world today.
Through his repair business, Bakken came to know C. Walton Lillehei, a doctor of heart surgery at the University of Minnesota Medical School. The deficiencies of artificial pacemakers at the time became evident during a power outage over Halloween in 1957, which affected large sections of Minnesota and western Wisconsin. A pacemaker-dependent paediatric patient of Lillehei died because of the blackout. The next day, Lillehei spoke with Bakken about developing some form of battery-powered pacemaker. Bakken modified the design for a transistorized metronome and created the first battery-powered external pacemaker. It fit in a four-inch-square box that could be taped to a patient's chest, transmitted electrical signals to the heart through wires that passed through the patient's chest, and could be removed without surgery.
The company expanded through the 1950s, both selling equipment built by other companies and developing custom-made devices. Bakken built a small pacemaker that could be strapped to the body and powered by batteries. Work in the new field later produced an implantable pacemaker in 1960. The company built its headquarters in the Minneapolis suburb of St. Anthony, Minnesota, 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.
Growth and expansion
In 1997, Medtronic opened a production site for implantable pacemakers and brain pacemakers in Tolochenaz, Switzerland. One in five pacemakers implanted globally today is made here. The site is also used as a European training centre for doctors.
In 1998, Medtronic acquired Physio-Control for $538 million.
In 2014, Integra LifeSciences announced it was acquiring instrumentation lines from Medtronic for $60 million. The deal included Medtronic's MicroFrance and Xomed manual ear, nose and throat and laparoscopic surgical instruments, as well as a manufacturing facility in France.
In February 2016, the company announced that it would acquire Bellco from private equity firm Charme Capital Partners. In June, the company announced its acquisition of HeartWare International Inc. for $1.1 billion. In December 2017, Medtronic acquired Crospon for €38 million (approximately $45 million). In September 2018, the company acquired Mazor Robotics for $1.64 billion ($58.50 per American Depository Share or $29.25 per ordinary share. In late November, Medtronic acquired Nutrino Health Ltd boosting the company's nutrition-related data services and analytics.
In March 2017, Bloomberg's database of U.S. tax inversions listed Medtronic and Wright Medical Group (Medtronic's 2015 inversion to Ireland was over $100 billion, while Wright's 2015 inversion to the Netherlands was $3.3 billion) as the only U.S. tax inversions of a U.S. medical device company in history. In February 2018, the Wall Street Journal listed Medtronic's 2015 tax inversion to Ireland as the largest U.S. corporate tax inversion executed between 2013 and 2016. In May 2018, Medtronic was ranked as the largest corporate tax inversion in history.
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In May 2018, Medtronic was ranked as the world's largest medical device company by 2017 revenues (see table below).
In May 2019, Medtronic announced it would acquire Titan Spine, a technology company focusing on titanium spine implants. Chief Executive Officer Omar Ishrak retired in April 2020 and stayed on as executive chairman and chairman of the board until December 2020. Ishrak was succeeded by senior executive Geoff Martha.
In January 2020, the company announced its intention to acquire Stimgenics, LLC and its primary therapy: differential target, multiplexed, spinal cord stimulation. In July, the company announced it would acquire Medicrea for €7.00 per share. In August, Medtronic announced it would acquire Companion Medical, who manufacture a smart insulin pen system, which connects to a diabetes management app. In September Medtronic acquired Avenu Medical for an undisclosed sum.
In February 2021, the company recalled its HeartWare Ventricular Assist Device. In June 2021, the controller ports were pulled from the market. On 3 June 2021, the FDA alerted physicians to stop new implants of the HVAD system due to "an increased risk of neurological adverse events and mortality associated with the internal pump."
In November 2021, the company was added to the Dow Jones Sustainability World Index.
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. Touch Surgery works with laparoscopic and robotic scopes and is an AI-powered video management and analytics platform for the operating room. In May, Medtronic and DaVita Inc. announced plans to form a new, independent kidney care-focused medical device company. Medtronic's Renal Care Solutions business will be part of the new company.
In April 2022, the company announced a collaboration with GE Healthcare to support the needs and care demands at Ambulatory Surgery Centers. In July, Medtronic announced a strategic partnership with CathWorks, a coronary artery disease (CAD) technology developer. A separate agreement gave Medtronic the option to acquire CathWorks in the future.
In October 2022, the company announced its intention to pursue a separation of the company's combined Patient Monitoring and Respiratory Interventions businesses, which are part of the company's Medical Surgical Portfolio.
In February 2024, the company announced that it had reversed its decision to spin off or sell the Patient Monitoring and Respiratory Interventions businesses, and would instead combine them into a new business unit called Acute Care & Monitoring. They also announced that they would discontinue the ventilator product line, citing its unprofitability.
In 2025, Medtronic was included in Forbes lists of America's Best Large Employers.
In March 2026, Medtronic separated its diabetes business into MiniMed Group, Inc., which completed an initial public offering on March 9. Medtronic retained approximately 89.86% of MiniMed following the offering, while MiniMed became a separately publicly traded company on the Nasdaq.
In September 2026, Medtronic launched an exchange offer as part of its planned separation of MiniMed. The offer covers up to 225,361,295 newly issued MiniMed common shares in exchange for Medtronic ordinary shares, representing approximately 80.1% of MiniMed's outstanding shares. If the exchange offer is oversubscribed, Medtronic intends to exchange additional shares of MiniMed representing its remaining interest, which would result in MiniMed becoming independent of Medtronic.The exchange offer is scheduled to expire on October 9, 2026, unless extended or terminated.
From Wikipedia’s article on Medtronic, shared under CC BY-SA 4.0.8