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Medtronic Spine LLC history
Medtronic Spine LLC company history timeline
Forty years after he co-founded the company, Bakken stepped down as the chairman of Medtronic; however, he remained on the board until 1994.
In 1995 Medtronic added Micro Interventional Systems, Inc., a developer of catheters designed to treat stroke victims, to its neurological division.
In 1995, according to the Star-Tribune, Medtronic had a 49 percent share of the conventional pacemaker market, 32 percent of the implantable defibrillator market, and 75 percent in nerve-related devices.
Medtronic’s revenues exceeded $2 billion in 1996, and the company continued its acquisition and new product introduction efforts.
By 1996, the increased R&D from the previous decade paid off when Medtronic introduced the first two in its line of implantable cardioverter defibrillators.
Medtronic's problems were relatively minor in comparison to its outstanding growth in 1998.
As Medtronic entered its 50th anniversary year in 1999, the company showed no signs of slowing down.
1999 Expansion into Spinal Care
Revenues for fiscal 2000 surpassed the $5 billion mark for the first time.
Medtronic planned to release numerous new products and technologies in fiscal 2000 to continue its leadership position in the medical technology field.
Also during 2001 Medtronic introduced InSync, the first electrical device ever approved for treating patients with congestive heart failure.
In 2001, Bakken himself benefitted from the device he had been so instrumental in developing and manufacturing, the pacemaker.
2001 Expansion into Diabetes Care
George remained on the company board as chairman for one more year, until April 2002, whereupon Collins was elected to that position as well.
Medtronic also acquired Spinal Dynamic Corporation (SDC) in a $254.3 million transaction completed in October 2002.
2002 First Remote Monitoring System
In 2002, the company gained market approval for a threaded titanium cage that stabilized the spine and encouraged new bone growth.
Further uncertainty arose in September 2003 when the United States Department of Justice notified Medtronic that its Medtronic Sofamor Danek spinal surgery unit was the subject of an investigation into allegations of illegal kickbacks to physicians.
The company hoped to introduce the product to the United States market by the end of 2005.
Shortly followed by our first Environmental Sustainability and Governance Report issued in 2008.
In 2002, the company gained market approval for a threaded titanium cage that stabilized the spine and encouraged new bone growth. It won a 2008 Prix Galien USA Award — the medical industry’s highest accolade for pharmaceutical research and development — for improving the human condition.
In 2009, Medtronic acquired CoreValve LLC to bring transcatheter aortic valves to patients with severe aortic stenosis.
In 2013, Medtronic created employee networks in addition to employee resource groups to enable strong accountability from leadership.
By the end of the decade, Medtronic had achieved 100% gender pay equity in several countries, including the United States, and 99% global gender pay equity. For example, Medtronic Women’s Network (MWN) and the Medtronic Global Mentoring Program were established in 2013 to increase employee development opportunities and advance women in leadership positions.
Medtronic completed the acquisition of Covidien on January 26, 2015, a significant milestone in the company's history.
2016 Medtronic Labs(opens new window)
Micra (2016, pictured left), the world’s smallest pacemaker, was the result of a decade-long effort called “deep miniaturization.” Unlike most pacemakers that are placed in the patient’s chest with leads running to the heart, Micra is implanted directly in the patient’s heart.
The first hybrid closed-loop insulin delivery system (2016)
Medtronic was ranked the largest medical technology company by revenue in 2017 with an annual revenue of $29.7bn.
The world’s smallest implantable spinal cord stimulator (2017)
Co-founder of Medtronic, Earl Bakken, passed away at the end of 2018.
"Medtronic, Inc. ." International Directory of Company Histories. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/medtronic-inc-1
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| Company name | Founded date | Revenue | Employee size | Job openings |
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| Solta | 1995 | $144.5M | 200 | - |
| Biolase | 1987 | $22.8M | 190 | - |
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| Pioneer Surgical | 1992 | $33.5M | 5 | - |
| DePuy Orthopaedics Inc | 1895 | $3.4B | 4,999 | - |
| OraSure Technologies | 1987 | $185.8M | 785 | 2 |
| Masimo | 1989 | $2.1B | 6,200 | 82 |
| Gyrus ACMI | 2007 | $95.0M | 150 | - |
Medtronic Spine LLC history FAQs
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Medtronic Spine LLC may also be known as or be related to MEDTRONIC XOMED LLC and Medtronic Spine LLC.