Revenue ($USD) : $32,364,000,000
R&D spend : $2,735,000,000
Employees : 100,716
Fiscal year end : 4/26/2024
CEO : Geoff Martha

www.medtronic.com

"Our top priority is restoring our earnings power — full stop,” Medtronic Chair and CEO Geoff Martha said to start 2024. Over the following months, the world’s largest medtech company continued significant portfolio management moves, including the shuttering of its ventilators business. There was more discipline on headcount and expenses — including worldwide layoffs — and increased use of automation and digitization. Some high-ranking officials have left the company, too — including CFO Karen Parkhill, who resigned to take over as CFO at HP. At the same time, company leaders stressed that Medtronic is making strategic investments in research and development to boost future growth. They said in May that the company had achieved 130 product approvals in the last 12 months in key geographies. Recent wins include:

• The PulseSelect pulsed field ablation system becoming the first PFA system approved by the FDA to treat paroxysmal and persistent atrial fibrillation (AFib);


• FDA approval of the next-generation Evolut FX+ transcatheter aortic valve replacement (TAVR) system;


• FDA approval of its Percept RC deep brain stimulation system, which Medtronic described as the first DBS sensing-enabled, rechargeable device to treat movement disorders such as Parkinson’s disease;


• And the launch of the next-gen Micra AV2 and Micra VR2 leadless pacemakers, which were approved in 2023.


• Medtronic is also seeking coverage and payments for its FDA-approved Simplicity Spyral renal denervation technology to treat hypertension. In August, it secured a CMS New Technology Add-on Payment (NTAP) win for the technology.

As of the writing of this profile in early August, Medtronic was projecting 4–5% organic revenue growth in 2024. –CN

MORE ON MDO: AI basics from Medtronic Chief Technology and Innovation Officer Ken Washington