08.12.22
Rank: #5 (Last year: #5)
$4.46 Billion
Prior Fiscal: $4.29 Billion
Percentage Change: +4%
R&D Expenditure: $2.7B (total)
Best FY22 Quarter: Q4 $1.17B
Latest Quarter: Q4 $1.17B
No. of Employees: 95,000 (total)
Global Headquarters: Dublin, Ireland
KEY EXECUTIVES:
Geoffrey S. Martha, Chairman & CEO
Karen Parkhill, EVP & CFO, IT & Enterprise Excellence
Brett Wall, EVP & President Neuroscience Portfolio
Harry “Skip” Kiil, President Cranial and Spinal Technologies
Medtronic has been atop the medtech industry since 2016 when it became the largest medical device manufacturer in the world (by revenue) and has not surrendered the spot since. In October 2021, the company announced a “bold new look” to better reflect that position and its desire to remain as the leading medtech organization going forward.
As part of this announcement, CEO Geoff Martha sat down for a video interview to outline a number of important factors critical to Medtronic’s strategy moving forward. He covered topics including robotics in healthcare, innovative diagnostic technologies, and working with tech industry leaders.
“We are at a pivotal moment in human health. Healthcare budgets are severely stressed, access to quality care is limited, and pervasive systemic healthcare inequities remain for too many,” said Martha. “Technology will be part of the solution to drive better outcomes for our world and dismantle global disparities in healthcare.”
Another part of this brand refresh involved adding the tagline “Engineering the extraordinary.” The message is said to be a “call to action” to all employees of the organization. Regardless of title, they should try to help drive better outcomes around the globe. In addition to the tagline, the company updated its Medtronic Symbol, which has only changed a few times since Medtronic’s founding approximately 60 years ago.
“Medtronic’s brand must be intentionally and thoughtfully tied to our business objectives and strategy. Our new brand reflects our goal to become the leading healthcare technology company and a cornerstone for societal change,” said Torod Neptune, senior vice president and chief communications officer. “We’ll think about healthcare differently and push that change forward by going beyond our medical devices that already serve millions. We will engineer extraordinary, next-generation healthcare technology—and enable access to that technology for populations all around the world.”
Big Blue will work to hold its leadership position within the medtech space via a number of means, including organic internal development, tactical partnerships, and strategic M&A. Within the orthopedic arena, however, it still has ground to make up as it currently sits fifth among its peers within the sector.
Its Neuroscience segment, which encompasses three divisions, enjoyed a 7% rise to finish the fiscal at $8.78 billion. The largest of the three is home to Medtronic’s orthopedic device offerings—Cranial & Spinal Technologies (CST). This business ballooned by 4% to tally $4.46 billion. The gain was primarily bolstered by strong sales of the Midas Rex powered surgical instruments and StealthStation Navigation and O-arm Imaging System.
CST’s sister businesses—Specialty Therapies and Neuromodulation—both enjoyed similar growth with a 12% and 8% gain respectively. This resulted in a revenue contribution of $2.59 billion from Specialty Therapies and $1.74 billion from Neuromodulation.
Alongside a branding change at Medtronic came a leadership change at CST. Former President of the unit, Jacob Paul, left to serve as CEO of Corin Group, an orthopedic device maker with solutions for the hip, knee, ankle, and shoulder. Stepping in to fill the role was Harry “Skip” Kiil, who joined the company from Smith+Nephew, where he served as president of the Global Orthopaedics business. Prior to that, Kiil was executive vice president and president of Global Commercial Operations at NuVasive. He also served as surgical head, Europe, Middle East, Africa, and Russia, in the Alcon Eye Care Division of Novartis Corporation, where he was responsible for leading the commercial transformation of the surgical business across developed and emerging growth markets. Before joining Alcon, Kiil spent 12 years with Stryker Corporation, where he held several leadership roles, including vice president and general manager for Europe, and general manager for Japan.
In addition to the personnel change, Medtronic’s CST unit provided a number of headline worthy announcements regarding products emerging from the division.
In June 2021, the organization gained clearance from the U.S. FDA for its patient-specific UNiD Rods to be used with CD Horizon Solera Voyager and Infinity OCT spinal systems. The agency’s OK expanded the utility of the company’s UNiD Adaptative Spine Intelligence (ASI) technology. UNiD Rods are designed for each patient and industrially pre-bent prior to surgery to accurately match an artificial intelligence-driven pre-operative surgical plan, which is created with UNiD ASI technology to precisely align patients’ spines, reducing the risk of malalignment and associated revision surgeries. The UNiD Rods are used to treat scoliosis, trauma, tumors, and complex degenerative conditions in adults and adolescent idiopathic scoliosis.
In September, the company announced the start of a clinical trial centered around evaluating the safety and effectiveness of the Braive growth modulation system for treatment of progressive juvenile or adolescent idiopathic scoliosis. The technology uses a braid secured to the spine with screws to slow growth on the curved side of the spine, while allowing growth to continue on the other side. The BRAIVE IDE study was designed to evaluate the use of the system in correcting the spine’s curve in patients with juvenile or adolescent idiopathic scoliosis.
About a week after that announcement, the company added three solutions to its minimally invasive spine surgery ecosystem. With these offerings, Medtronic claimed to be the only company to combine spinal implants, biologics, navigation, robotics, and AI-powered data to surgeons and patients.
“At Medtronic, we continue to raise the bar in minimally invasive spine surgery through our commitment to driving innovation and expanding our MIS capabilities,” said Carlton Weatherby, vice president and general manager of Spine & Biologics within the Cranial & Spinal Technologies business. “Our seamless integration of implants, instrumentation, and enabling technologies into a single ecosystem is helping surgeons remove variability in the surgical procedure, streamline and personalize care, and enable better patient outcomes.”
The first of the product additions was the Catalyft PL and PL40, the first releases in the new Catalyft Expandable Interbody System. Catalyft PL and PL40 feature a unique design for anterior rim engagement, a beveled tip for ease of insertion, seamless integration with StealthStation Navigation, simplified bone graft delivery, and active expansion at the precise angle and lift surgeons need to meet sagittal alignment goals.
The Space-D Access System, the second addition, enables pedicle-screw-based distraction, retraction, and compression. It is compatible with the CD Horizon Solera Voyager, enabling simpler, all-in-one access for surgeons, making procedures more efficient and reproducible.
Last, the Accelerate Graft Delivery System with Grafton DBF enables more controlled and efficient delivery of graft material into the disc space or other locations. Accelerate enables placement of more bone graft to facilitate fusion and is nine-times faster than traditional graft delivery methods, according to Medtronic. Bone grafting is also more controlled and easier for surgeons to visualize.
$4.46 Billion
Prior Fiscal: $4.29 Billion
Percentage Change: +4%
R&D Expenditure: $2.7B (total)
Best FY22 Quarter: Q4 $1.17B
Latest Quarter: Q4 $1.17B
No. of Employees: 95,000 (total)
Global Headquarters: Dublin, Ireland
KEY EXECUTIVES:
Geoffrey S. Martha, Chairman & CEO
Karen Parkhill, EVP & CFO, IT & Enterprise Excellence
Brett Wall, EVP & President Neuroscience Portfolio
Harry “Skip” Kiil, President Cranial and Spinal Technologies
Medtronic has been atop the medtech industry since 2016 when it became the largest medical device manufacturer in the world (by revenue) and has not surrendered the spot since. In October 2021, the company announced a “bold new look” to better reflect that position and its desire to remain as the leading medtech organization going forward.
As part of this announcement, CEO Geoff Martha sat down for a video interview to outline a number of important factors critical to Medtronic’s strategy moving forward. He covered topics including robotics in healthcare, innovative diagnostic technologies, and working with tech industry leaders.
“We are at a pivotal moment in human health. Healthcare budgets are severely stressed, access to quality care is limited, and pervasive systemic healthcare inequities remain for too many,” said Martha. “Technology will be part of the solution to drive better outcomes for our world and dismantle global disparities in healthcare.”
Another part of this brand refresh involved adding the tagline “Engineering the extraordinary.” The message is said to be a “call to action” to all employees of the organization. Regardless of title, they should try to help drive better outcomes around the globe. In addition to the tagline, the company updated its Medtronic Symbol, which has only changed a few times since Medtronic’s founding approximately 60 years ago.
“Medtronic’s brand must be intentionally and thoughtfully tied to our business objectives and strategy. Our new brand reflects our goal to become the leading healthcare technology company and a cornerstone for societal change,” said Torod Neptune, senior vice president and chief communications officer. “We’ll think about healthcare differently and push that change forward by going beyond our medical devices that already serve millions. We will engineer extraordinary, next-generation healthcare technology—and enable access to that technology for populations all around the world.”
Big Blue will work to hold its leadership position within the medtech space via a number of means, including organic internal development, tactical partnerships, and strategic M&A. Within the orthopedic arena, however, it still has ground to make up as it currently sits fifth among its peers within the sector.
Its Neuroscience segment, which encompasses three divisions, enjoyed a 7% rise to finish the fiscal at $8.78 billion. The largest of the three is home to Medtronic’s orthopedic device offerings—Cranial & Spinal Technologies (CST). This business ballooned by 4% to tally $4.46 billion. The gain was primarily bolstered by strong sales of the Midas Rex powered surgical instruments and StealthStation Navigation and O-arm Imaging System.
CST’s sister businesses—Specialty Therapies and Neuromodulation—both enjoyed similar growth with a 12% and 8% gain respectively. This resulted in a revenue contribution of $2.59 billion from Specialty Therapies and $1.74 billion from Neuromodulation.
Alongside a branding change at Medtronic came a leadership change at CST. Former President of the unit, Jacob Paul, left to serve as CEO of Corin Group, an orthopedic device maker with solutions for the hip, knee, ankle, and shoulder. Stepping in to fill the role was Harry “Skip” Kiil, who joined the company from Smith+Nephew, where he served as president of the Global Orthopaedics business. Prior to that, Kiil was executive vice president and president of Global Commercial Operations at NuVasive. He also served as surgical head, Europe, Middle East, Africa, and Russia, in the Alcon Eye Care Division of Novartis Corporation, where he was responsible for leading the commercial transformation of the surgical business across developed and emerging growth markets. Before joining Alcon, Kiil spent 12 years with Stryker Corporation, where he held several leadership roles, including vice president and general manager for Europe, and general manager for Japan.
In addition to the personnel change, Medtronic’s CST unit provided a number of headline worthy announcements regarding products emerging from the division.
In June 2021, the organization gained clearance from the U.S. FDA for its patient-specific UNiD Rods to be used with CD Horizon Solera Voyager and Infinity OCT spinal systems. The agency’s OK expanded the utility of the company’s UNiD Adaptative Spine Intelligence (ASI) technology. UNiD Rods are designed for each patient and industrially pre-bent prior to surgery to accurately match an artificial intelligence-driven pre-operative surgical plan, which is created with UNiD ASI technology to precisely align patients’ spines, reducing the risk of malalignment and associated revision surgeries. The UNiD Rods are used to treat scoliosis, trauma, tumors, and complex degenerative conditions in adults and adolescent idiopathic scoliosis.
In September, the company announced the start of a clinical trial centered around evaluating the safety and effectiveness of the Braive growth modulation system for treatment of progressive juvenile or adolescent idiopathic scoliosis. The technology uses a braid secured to the spine with screws to slow growth on the curved side of the spine, while allowing growth to continue on the other side. The BRAIVE IDE study was designed to evaluate the use of the system in correcting the spine’s curve in patients with juvenile or adolescent idiopathic scoliosis.
About a week after that announcement, the company added three solutions to its minimally invasive spine surgery ecosystem. With these offerings, Medtronic claimed to be the only company to combine spinal implants, biologics, navigation, robotics, and AI-powered data to surgeons and patients.
“At Medtronic, we continue to raise the bar in minimally invasive spine surgery through our commitment to driving innovation and expanding our MIS capabilities,” said Carlton Weatherby, vice president and general manager of Spine & Biologics within the Cranial & Spinal Technologies business. “Our seamless integration of implants, instrumentation, and enabling technologies into a single ecosystem is helping surgeons remove variability in the surgical procedure, streamline and personalize care, and enable better patient outcomes.”
The first of the product additions was the Catalyft PL and PL40, the first releases in the new Catalyft Expandable Interbody System. Catalyft PL and PL40 feature a unique design for anterior rim engagement, a beveled tip for ease of insertion, seamless integration with StealthStation Navigation, simplified bone graft delivery, and active expansion at the precise angle and lift surgeons need to meet sagittal alignment goals.
The Space-D Access System, the second addition, enables pedicle-screw-based distraction, retraction, and compression. It is compatible with the CD Horizon Solera Voyager, enabling simpler, all-in-one access for surgeons, making procedures more efficient and reproducible.
Last, the Accelerate Graft Delivery System with Grafton DBF enables more controlled and efficient delivery of graft material into the disc space or other locations. Accelerate enables placement of more bone graft to facilitate fusion and is nine-times faster than traditional graft delivery methods, according to Medtronic. Bone grafting is also more controlled and easier for surgeons to visualize.