Medtronic

Medtronic plc stands as the world's largest medical device company by revenue, a position earned through 76 years of pioneering innovation in medical technology that began in a Minneapolis garage in 1949 and has since transformed into a $33.5 billion global healthcare powerhouse serving more than 79 million patients annually across 150+ countries. Founded by Earl Bakken and Palmer Hermundslie as a medical equipment repair shop, Medtronic's journey from humble beginnings—earning just $8 in its first month—to becoming an indispensable infrastructure layer in modern healthcare exemplifies the company's enduring commitment to its original mission: to alleviate pain, restore health, and extend life. With over 90,000 employees, operations spanning the globe, and a legal headquarters in Dublin, Ireland (established through the transformative 2015 Covidien acquisition), Medtronic combines operational scale with technological leadership across four core business segments that address some of healthcare's most pressing challenges.

Medtronic's business portfolio is strategically organized around four main groups that collectively generated $33.537 billion in fiscal year 2025 revenue. The Cardiovascular Group leads the portfolio with market-leading positions in cardiac rhythm management (pacemakers, implantable cardioverter defibrillators, cardiac resynchronization therapy devices), structural heart therapies (transcatheter aortic valve replacement systems, mitral valve repair), coronary and peripheral vascular interventions (drug-eluting stents, balloon catheters), and mechanical circulatory support. The company's pacemaker technology traces directly to Earl Bakken's 1957 development of the first wearable, battery-powered cardiac pacemaker—created in response to a Twin Cities blackout that caused an infant's death—and the subsequent 1960 launch of the first implantable pacemaker that revolutionized cardiac care. The Neuroscience Group offers comprehensive solutions for spinal disorders (spinal fixation devices, biologics), brain conditions (deep brain stimulation for Parkinson's disease, epilepsy monitoring and therapy), neurovascular interventions (stroke treatment devices), and pain management (spinal cord stimulation, intrathecal drug delivery systems). The Medical Surgical Group provides surgical tools and equipment, advanced energy devices for tissue sealing and cutting, patient monitoring systems (respiratory interventions, vital signs monitoring), and robotic-assisted surgery platforms including the Mazor X system acquired in 2018 for $1.64 billion. The Diabetes Group develops automated insulin delivery systems, continuous glucose monitoring technologies, and insulin pump platforms, including the groundbreaking MiniMed 670G—the world's first FDA-approved hybrid closed-loop insulin delivery system that automates basal insulin delivery.

Under the leadership of Chairman and CEO Geoff Martha, who assumed the role in April 2020 after joining Medtronic in 2011 and holding various enterprise-level positions in strategy, corporate development, and business unit oversight, the company is executing a focused strategy to accelerate growth through innovation, operational excellence, and strategic portfolio management. Fiscal 2025 performance demonstrated continued momentum: worldwide revenue of $33.537 billion increased 3.6% year-over-year (5.2% organic growth), non-GAAP diluted earnings per share of $5.49 increased 6% (10% on a constant currency basis), and free cash flow of $5.185 billion represented 73% conversion from non-GAAP net earnings. The company's $2.7 billion annual investment in research and development fuels a robust innovation pipeline that delivered significant regulatory milestones in fiscal 2024-2025: FDA approval of the Affera mapping and ablation system with Sphere-9 catheter for atrial fibrillation treatment, FDA clearance of the SmartGuard algorithm as an interoperable automated glycemic controller enabling integration with Abbott's Instinct sensor, approval of the MiniMed 780G system for adults with insulin-requiring type 2 diabetes, and both CE Mark and FDA approval of BrainSense Adaptive Deep Brain Stimulation (named a 2025 TIME Best Invention).

What truly distinguishes Medtronic in the competitive medical device landscape is its combination of technological breadth, clinical impact, and commitment to improving patient outcomes at scale. The company's diverse portfolio allows it to serve patients across the care continuum from diagnosis through treatment and long-term management, with devices ranging from the world's smallest pacemaker to advanced robotic-assisted surgery platforms and AI-powered insulin pumps. Medtronic has set an ambitious goal to serve 82 million patients in fiscal 2026, reflecting confidence in product adoption, market expansion, and the growing global prevalence of chronic diseases like diabetes, cardiovascular disease, and neurological disorders. Strategic initiatives include the announced separation of the Diabetes business into a fully independent company to enable focused investment and growth strategies, the February 2024 decision to combine Patient Monitoring and Respiratory Interventions into a new Acute Care & Monitoring business unit (while discontinuing unprofitable ventilator production), and migration to Snowflake's cloud-based data platform to drive digital transformation and modernize enterprise data infrastructure. The October 2025 finalization of Medicare's National Coverage Determination for renal denervation extending coverage to qualifying patients for the Symplicity Spyral RDN system to treat uncontrolled hypertension represents a major reimbursement milestone that could unlock significant market opportunities. Operating from a position of financial strength and technological leadership, Medtronic continues to innovate at the intersection of medical devices, software, AI, and data analytics, positioning the company to capitalize on secular trends including aging populations, rising chronic disease prevalence, healthcare system digitalization, and the shift toward minimally invasive, precision-targeted therapies that improve clinical outcomes while reducing healthcare costs.