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Medtronic
2023 Rank: 12022 Rank:1
Headquarters:
Dublin, Ireland (Operational HQ in Fridley, Minnesota)
www.medtronic.com
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
Fiscal 2023 revenue was down 1.4% compared to the previous year. Analystsare taking a wait-and-see approach to Medtronic’s performance in fiscal 2024.
Even as itspins off some businessesand 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 toboost its diabetes businessbyannouncing plans in May to spend $738 million to buy EOFlowand its tubeless, wearable and fully disposable insulin delivery device.
Medtronic officials alsopredict they’ll be one of the first companies to the U.S. marketwith a pulsed-field ablation catheter — atechnologythat 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 anunfavorable FDA review panel voteleft Medtronic less likely to win FDA approval.
Meanwhile, Medtronic is facing yet another challenge: amajor recall of ICDs and CRT-Ds.–CN