Revenue ($USD) : $31,227,000,000
R&D spend : $2,696,000,000
Employees : 95,000
Fiscal year end : 04/29/23
CEO : Geoff Martha

Medtronic has had its share of setbacks over the past year, but the world’s largest medical device company has also made moves that could set it up to make a difference in the treatment of chronic health conditions such as atrial fibrillation.

Fiscal 2023 revenue was down 1.4% compared to the previous year. Analysts are taking a wait-and-see approach to Medtronic’s performance in fiscal 2024.

Even as it spins off some businesses and engages in significant cost reductions, including layoffs, Medtronic is now spending more annually than before the pandemic on R&D. It’s also engaging in tuck-in acquisitions to gain new, innovative tech. For example, it doubled down on its commitment to boost its diabetes business by announcing plans in May to spend $738 million to buy EOFlow and its tubeless, wearable and fully disposable insulin delivery device.

Medtronic officials also predict they’ll be one of the first companies to the U.S. market with a pulsed-field ablation catheter — a technology that has generated excitement in the cardiology space when it comes to treating atrial fibrillation (AFib).

In addition, the company has reported positive momentum in rolling out its Hugo robotic surgery system internationally.

Medtronic’s next big opportunity seemed to be its renal denervation (RDN) technology for treating hypertension. RDN could be a billion-dollar business for Medtronic after two failed trials in the past decade, but an unfavorable FDA review panel vote left Medtronic less likely to win FDA approval.

Meanwhile, Medtronic is facing yet another challenge: a major recall of ICDs and CRT-Ds. –CN