Medtronic was founded in Minnesota in 1949 and is the world’s largest medical device company with a market capitalization of $150.75 billion.
About 10% of Medtronic’s 86,000 employees are research scientists which ensures a steady stream of new products. This R&D edge contributes to Medtronic’s dominance in the four areas where it operates, including heart management devices, such as pacemakers which accounts for about 40% of sales.
Medtronic (NYSE:MDT) is also a dividend champion having raised its dividend in July for the 42nd year in a row. The company has been in the news.
In January, it received Food and Drug Administration (FDA) approval for its Micra AV pacemaker. The pacemaker is the smallest in the world – about 20 times smaller than a conventional device with a battery that lasts twice as long. It is also one of the few pacemakers available without lead which means fewer infections and complications.
The pacemaker treats a condition where the electrical signals in the heart are partially (or completely) blocked. This can cause dangerously slow heart rates.
Because of this type of innovation, Medtronic was named to Fortune’s list of the World’s Most Admired Companies for 2020. It was 209th of the top 1,000 overall and 2nd in the Medical Products and Equipment industry.