History of Medtronic in Timeline

Medtronic plc is a global medical device company with legal and executive headquarters in Ireland and operational headquarters in Minneapolis, Minnesota. It rebased to Ireland after acquiring Covidien in 2015. Operating in over 150 countries, Medtronic employs over 90,000 people and is the largest medical device company in the world by revenue. The company focuses on developing and manufacturing healthcare technologies and therapies.

1949: Medtronic Founded

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

1957: First battery-powered external pacemaker developed

In 1957, Bakken developed the first battery-powered external pacemaker, modifying a transistorized metronome design, after a power outage led to the death of a pacemaker-dependent patient.

1957: Bakken developed first wearable heart pacemaker

In 1957, Bakken developed the first wearable heart pacemaker to treat abnormally slow heart rates.

1960: Development of implantable pacemaker

In 1960, Medtronic developed an implantable pacemaker.

1983: Minimed Technologies Founded

In 1983, Alfred E. Mann founded Minimed Technologies, spun off from Pacesetter Systems, to design and market an open loop insulin pump.

1986: Medtronic Acquires Vitatron

In 1986, Medtronic acquired Vitatron, a Netherlands-based company focused on cardiac pacing technology. Vitatron was previously an independently operating Dutch medical company.

1992: MiniMed 506 Redesign

In 1992, the MiniMed 506 was redesigned to be more appealing to consumers, boosting adoption rates and increasing sales by 357%.

1997: Medtronic Opens Production Site in Switzerland

In 1997, Medtronic opened a production site for implantable pacemakers and brain pacemakers in Tolochenaz, Switzerland, which produces one in five pacemakers implanted globally today.

1998: Medtronic Acquires Physio-Control

In 1998, Medtronic acquired Physio-Control for $538 million.

2001: Medtronic Purchases Minimed

In 2001, Medtronic purchased Minimed, forming Medtronic Minimed.

2005: PETA Threatens Shareholder Resolution over Animal Welfare

In 2005, PETA threatened to submit a shareholder resolution to improve animal welfare standards at Medtronic and attempted to stop five specific animal experiments. The shareholder resolution was withdrawn after talks with Medtronic's leadership.

2007: Covidien U.S. tax inversion to Ireland

In 2007, Covidien (acquired by Medtronic) executed a previous U.S. tax inversion to Ireland.

2007: Medtronic Purchases Kyphon

In 2007, Medtronic purchased Kyphon, a manufacturer and seller of spinal implants necessary for procedures like kyphoplasty.

2007: Medtronic Recalls Sprint Fidelis Product

In 2007, Medtronic recalled its Sprint Fidelis product due to unacceptable failure rates, resulting in unnecessary shocks or no shocks when needed.

May 2008: Medtronic Spine Agrees to Pay $75 Million to Settle Medicare Fraud Lawsuit

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 by illegally convincing healthcare providers to offer kyphoplasty as an inpatient procedure.

2008: PETA Protests Outsourcing of Animal Testing

In 2008, PETA protested Medtronic's outsourcing of animal testing to countries with lax animal welfare laws, such as China. The shareholder resolution was withdrawn after talks with Medtronic's leadership.

2008: Remote Control of Medtronic Cardiac Implant Demonstrated

In 2008, computer security researchers demonstrated the ability to remotely control a Medtronic cardiac implant in a lab setting, using an unused implant. They were able to control electrical shocks and glean patient data.

May 2009: Medtronic Announces New Diabetes Therapy Management and Education Center in San Antonio

On May 11, 2009, Medtronic announced that San Antonio, Texas, would be the location of its new Diabetes Therapy Management and Education Center, creating 1400 new jobs.

2010: PETA Attempts to Stop Use of Live Animals

In 2010, PETA attempted to stop Medtronic's reported use of live animals in testing and training. Medtronic conducted a feasibility study and found banning live animals impractical. The shareholder resolution was withdrawn after talks with Medtronic's leadership.

2011: Security Vulnerability Revealed in Medtronic Insulin Pump

In 2011, security researcher Jay Radcliffe revealed at the Black Hat Briefings conference a security vulnerability in a Medtronic insulin pump, which allowed an attacker to potentially take control. Medtronic responded by ensuring users of the devices' safety.

October 2012: Medtronic SEC Filing Shows High Profit Margin on Spine Products

According to Medtronic's quarterly SEC filing of October 2012, the company had, on average, a 75.1% profit margin on its spine products and therapies.

2013: Medtronic's tax inversion to Ireland

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.

June 2014: Medtronic Announces Tax Inversion to Ireland

In June 2014, Medtronic announced it would execute a tax inversion to Ireland by acquiring Irish-based Covidien for $42.9 billion in cash and stock. This allowed Medtronic to move its legal headquarters to Ireland.

2014: Integra LifeSciences Acquires Instrumentation Lines from Medtronic

In 2014, Integra LifeSciences acquired instrumentation lines from Medtronic for $60 million, including Medtronic's MicroFrance and Xomed manual ENT and laparoscopic surgical instruments.

2014: Neuromodulation Revenue

In 2014, Medtronic's neuromodulation department's revenues amounted to $1.9 billion, or 11% of Medtronic's total revenues.

2015: Medtronic Continues Use of Live Animals

As of 2015, Medtronic continued to use live animals for testing and training but stated that it would look for alternatives in the future. PETA had previously raised concerns in 2005, 2008 and 2010.

2015: Medtronic CEO Defends Tax Inversion

In 2015, Medtronic CEO Omar Ishrak defended the tax inversion to the Financial Times, stating that they followed the rules and the deal was done based on strategic merits.

2015: Medtronic rebased to Ireland

In 2015, Medtronic rebased to Ireland following its acquisition of Irish-based Covidien.

February 2016: Medtronic to Acquire Bellco

In February 2016, Medtronic announced that it would acquire Bellco from private equity firm Charme Capital Partners.

September 2016: FDA Approves MiniMed 670G

In September 2016, the FDA approved the MiniMed 670G device, the world's first Hybrid Closed Loop system for people with type 1 diabetes.

2016: Dissolution of the surgical technologies business unit

In 2016, Medtronic dissolved the surgical technologies business unit, which designed products for ENT diseases, cranial, spinal, and neurologic conditions, surgical navigation, and intraoperative X-ray imaging. The sites were folded into new business groups.

2016: Medtronic Still Winning U.S. Federal Contracts

In 2016, it was reported that Medtronic was still winning U.S. Federal contracts and attending U.S. trade missions as a U.S. company despite the tax inversion.

2016: Medtronic's tax inversion to Ireland

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.

March 2017: Medtronic Listed as a U.S. Tax Inversion

In March 2017, Bloomberg's database of U.S. tax inversions listed Medtronic as one of the only U.S. tax inversions of a U.S. medical device company in history.

December 2017: Medtronic Acquires Crospon

In December 2017, Medtronic acquired Crospon for €38 million ($45 million).

2017: Launch of MiniMed 670G

In 2017, Medtronic launched the MiniMed 670G, the world's first Hybrid Closed Loop system for people with type 1 diabetes, featuring SmartGuard technology and the Guardian Sensor 3.

2017: Medtronic Ranked Largest Medical Device Company by 2017 revenues

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

February 2018: Medtronic's Tax Inversion Listed as Largest U.S. Corporate Tax Inversion

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.

May 2018: Medtronic Ranked Largest Corporate Tax Inversion in History

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

May 2018: Medtronic Ranked Largest Medical Device Company

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

September 2018: Medtronic Acquires Mazor Robotics

In September 2018, Medtronic acquired Mazor Robotics for $1.64 billion ($58.50 per American Depository Share or $29.25 per ordinary share.

November 2018: Medtronic's Capitalization Exceeds Total Irish Stock Market

On 23 November 2018, Davy Stockbrokers reported that the total capitalization of the Irish stock market was €104 billion, while Medtronic's capitalization was listed at just over $130 billion (or €115 billion).

May 2019: Medtronic to Acquire Titan Spine

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

January 2020: Medtronic to Acquire Stimgenics, LLC

In January 2020, Medtronic announced its intention to acquire Stimgenics, LLC and their primary therapy: differential target, multiplexed, spinal cord stimulation.

February 2020: Recall of MiniMed Insulin Pumps Due to Faulty Retainer Rings

In February 2020, Medtronic recalled approximately 322,000 MiniMed insulin pumps due to faulty pump retainer rings. This defect had been linked to death and around 2,000 injuries.

March 2020: Medtronic Shared Ventilator Design Specifications to Accelerate Production

On 30 March 2020, during the COVID-19 pandemic, Medtronic shared its portable ventilator design specifications to accelerate global ventilator production.

April 2020: Omar Ishrak Retires as CEO

In April 2020, Omar Ishrak retired as Chief Executive Officer of Medtronic and stayed on as executive chairman and chairman of the board until December 2020.

December 2020: Geoff Martha Succeeds Omar Ishrak

In December 2020, Geoff Martha succeeded Omar Ishrak as CEO.

February 2021: Medtronic Recalls HeartWare Ventricular Assist Device

In February 2021, Medtronic recalled its HeartWare Ventricular Assist Device.

June 2021: Medtronic pulls HeartWare Ventricular Assist Device controller ports from the market

In June 2021, Medtronic pulled the controller ports for its HeartWare Ventricular Assist Device from the market. On June 3, 2021, the FDA alerted physicians to stop new implants of the HVAD system due to increased risk.

November 2021: Medtronic Added to Dow Jones Sustainability World Index

In November 2021, Medtronic was added to the Dow Jones Sustainability World Index.

January 2022: Medtronic to Acquire Affera, Inc.

In January 2022, Medtronic announced it would acquire Affera, Inc.

April 2022: Medtronic Refuses to Withdraw from the Russian Market

During the 2022 Russian invasion of Ukraine, research updated on 28 April 2022, from Yale University identified Medtronic as "Digging In," meaning they defied demands to exit/reduce activities in the Russian market.

April 2022: Medtronic Partners with GE Healthcare

In April 2022, Medtronic announced it would work with GE Healthcare to support the needs and care demands at Ambulatory Surgery Centers.

October 2022: Medtronic to Pursue Separation of Patient Monitoring and Respiratory Interventions Businesses

In October 2022, Medtronic 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.

2023: Spin-off of the Renal Care Solutions business unit

In 2023, Medtronic spun off its Renal Care Solutions business unit, which designed and manufactured products for kidney-related diagnoses and treatments, into an independent business called Mozarc Medical.

February 2024: Medtronic Reverses Spin-Off Decision and Discontinues Ventilator Product Line

In February 2024, Medtronic 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 due to unprofitability.

August 2024: Medtronic's Cardiovascular Portfolio

As of August 2024, Medtronic's cardiovascular portfolio includes cardiac rhythm products, heart failure products, structural heart and aortic products, and coronary and peripheral products.

2090: Carelink Model 2090 Programmer used for Vitatron Pacemakers

Vitatron pacemakers are interrogated and programmed by Medtronic Carelink Model 2090 Programmer for Medtronic and Vitatron Devices, using a separate interface.