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Medtronic Medical Device Company Intelligence Report

  • March 2013
  • -
  • Espicom Business Intelligence
  • -
  • 96 pages

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Founded in 1949, Minnesota, US-based Medtronic has grown to become a leading developer and manufacturer of medical devices designed to diagnose, prevent and monitor chronic conditions. Beginning with the development of the heart pacemaker in the 1950s, the company has assembled a broad and diverse portfolio of progressive technology expertise both through internal development of core technologies and acquisitions.

Medtronic’s primary products include those used for the treatment of cardiac rhythm disorders, cardiovascular disease, neurological disorders, spinal conditions and musculoskeletal trauma, urological and digestive disorders, diabetes, and ear, nose and throat conditions.

The company operates under two principal business segments:

The Cardiac and Vascular Group (composed on the Cardiac Rhythm Disease Management [CRDM] and CardioVascular businesses), whose product portfolio includes pacemakers, implantable defibrillators, leads and delivery systems, ablation products, electrophysiology catheters, products for the treatment of atrial fibrillation (AF), information systems for the management of patients with CRDM devices, coronary and peripheral stents and related delivery systems, therapies for uncontrolled hypertension, endovascular stent graft systems and heart valve replacement technologies.

In January 2012, Medtronic sold its Physio-Control business, previously part of the CardioVascular group, which offered a portfolio of external defibrillation and emergency response systems, data management solutions and support services. Since Medtronic and Physio-Control’s core businesses and customers are significantly different, both parties believed that Physio-Control will be able to move more quickly, be more competitive and have more direct focus on its customers as a separate entity.

The Restorative Therapies Group (composed of the Spinal, Neuromodulation, Diabetes and Surgical Technologies businesses), which offers products for various areas of the spine, bone graft substitutes, biologic products, implantable neurostimulation therapies and drug-delivery devices for the treatment of chronic pain, movement disorders, obsessive compulsive disorder, overactive bladder, urinary retention and gastroparesis; external insulin pumps; subcutaneous continuous glucose monitoring systems; and products to treat conditions of the ear, nose and throat. Additionally, this group manufactures and sells primarily image-guided surgery and intra-operative imaging systems, energy systems and haemostatic sealing products.

Medtronic conducts its business in more than 120 countries worldwide. In fiscal year (FY) 2012 (ended April 2012), the company generated sales of US$16.18 billion and employed approximately 45,000 people worldwide.

In FY2012, Medtronic made progress in positioning itself to succeed in the dynamic healthcare market. Revenue growth improved modestly from 1% in FY2011 to 4% in FY 2012. Three-quarters of the business posted strong performance, growing by a combined 10%. The remaining businesses, consisting of the US Implantable Cardioverter Defibrillator and US Spine businesses, declined by 10%. While these businesses had unique factors affecting their performance, both showed some signs of stabilisation by the end of FY2012. International revenue grew by 11% while emerging markets grew by 20% in constant currency, and 19% as reported.

In FY2012, Medtronic gained market share in the majority of its businesses, driven by a series of product launches. The Resolute Integrity drug-eluting stent, the RestorSensor spinal cord stimulator and the Endurant II AAA stent graft system are all expected to drive further growth in FY2013.

This company report provides

Key contact information
Introduction to the company and its current activities
Summary of its financial performance
Who are the company’s major competitors?
Key recent events in an “at a glance” format

Financial Review
Current year and annual financial data, including revenue breakdowns by product area and geographic region (if available)
Table providing in-depth five-year financial analysis
Employee data, including breakdown by company division and geographic location

Strategic Focus
Investigates the company’s aims and its areas of focus

Core product areas, key brands, product approvals and launches Research and Development
How much has been invested in R&D?
Where is the research based?
What alliances and agreements does the company have and with whom?

Manufacturing and Distribution
Identifying the company’s manufacturing locations
Sales and marketing facilities

With whom has the company reached agreements and what do they involve?
Key contracts awarded

Mergers, Acquisitions, Minority Investments and Divestments


Key Corporate Events

The report was produced as part of Medical Device Companies Analysis (MDCA).

Table Of Contents

Medtronic Medical Device Company Intelligence Report

Recent Key Events 2
Demonstrating Economic Value 4
Growth Drivers 4
Product Launches 4
Portfolio Management 4
Market Growth 5
China .5
Other Emerging Markets 5
Espicom View 6
Fiscal Year 2012 Financial Results .7
Cardiac and Vascular Group 9
CardioVascular 9
Physio-Control 10
Restorative Therapies Group .10
Spinal 10
Neuromodulation 10
Diabetes 10
Surgical Technologies 10
Five-Year Financial Data .11
Outlook 12
Employees 12
Cardiac and Vascular Group 13
Implantable Cardiac Pacemakers .14
Implantable Cardioverter Defibrillators (ICDs) .15
Cardiac Resynchronisation Therapy with Defibrillation (CRT-Ds) 16
Atrial Fibrillation (AF) .17
Diagnostics and Monitoring .18
Patient Management Tools 19
CardioVascular 20
Coronary .20
Percutaneous Coronary Intervention (PCI) 20
Renal Denervation .21
Endovascular and Peripheral .22
Peripheral Vascular Intervention (PVI) .22
Endovascular Stent Grafts .23
Structural Heart Disease .24
Heart Valves 24
Transcatheter Heart Valves 25
Arrested Heart Surgery .26
Beating Heart Surgery 26
Surgical Ablation 26
Restorative Therapies Group 26
Spinal .26
Thoracolumbar Products .27
Kyphon Balloon Kyphoplasty 29
Cervical Products .31
Biologics 32
Neuromodulation .34
Neurostimulators for Chronic Pain .35
Implantable Drug Delivery Systems .36
DBS Systems 36
Urology, Faecal and Gastro-enterology Devices 36
Diabetes 37
Integrated Diabetes Management Solutions 37
CGM 37
Blood Glucose Meters 38
CareLink Therapy Management Software .38
Surgical Technologies 39
ENT 40
Neurological Technologies .41
Navigation and Imaging 41
RandD Activities and Expenditure .42
Studies and Trials 43
Manufacturing .60
Sales and Distribution 61
Miami Instruments .62
Urologix .62
Acorda Therapeutics 63
Bayer HealthCare .63
LifeScan .63
Eli Lilly . 64
Greatbatch . 64
Nile Therapeautics 65
Alnylam Pharmaceuticals and CHDI Foundation .65
Ziehm Imaging 65
Tissuemed 66
West Wireless Health Institute 66
Thermal Scalpel (Acacia Research) 66
Eli Lilly .66
Cardio Access (Acacia Research) .67
China Kanghui Holdings .68
PEAK Surgical and Salient Surgical Technologies 69
Adelaide Research and Innovation, Robinson Squidgel and Otago Innovation assets .69
Jolife 70
Ardian .70
OsteoGenix 70
Osteotech 70
Unidentified Company 71
ATS Medical 71
Axon Systems 71
Invatec 71
PreciSense 72
CoreValve 72
Ventor Technologies 72
Ablation Frontiers 72
Influent Medical's Repose Product Line 73
CryoCath Technologies .73
Pabban Development 73
Restore Medical .73
NDI 73
Kyphon .74
LifeTech Scientific 75
Mainstay Medical 75
Inspire Medical Systems .76
PowerVision 76
Tengion .76
PhysioSonics .76
MicroCHIPS 77
GI Dynamics 77
Proteus Biomedical 78
MD Start 79
Medtronic Weigao Orthopaedic Device Co Ltd .79
MG Biotherapeutics .79
Physio-Control Business .80
Bravo pH Monitoring Business for Diagnosing GORD .80
Memphis, Tennessee, Production Facility 80
Magellan Platelet Business 80
Neurodiagnostic Product Line .81
Gastro-enterology Diagnostic Product Line 81
Tonometry Products 81
Endotach 82
Minneapolis Firefighters Relief Association 82
US Department of Justice .82
NuVasive .82
Jennifer English - Personal Injury Lawsuit 83
Bovie Medical 83
Globus Medical .83
Unomedical .83
ActiveO 84
Edwards Lifesciences 84
AGA Medical 85
Wyeth and Cordis 85
Sprint Fidelis Product Liability Matters .85

List of tables

Medtronic - FY2012 Changes 3
Espicom Analysis of the Chinese Medical Device Market, 2012 6
Medtronic - Annual Financial Results, FY2008-FY2012 .7
Medtronic - Annual Net Sales by Geographic Area, FY2008-FY2012 8
Medtronic - Annual Sales by Product Segment, FY2009-FY2012 .8
Medtronic - Five-Year Financial Summary, FY2008-FY2012 11
Selected Medtronic Trials and Studies .43
Medtronic's Key Manufacturing Centres .60
Agreements Summary 62
Mergers and Acquisitions Summary 68

List of Charts

Medtronic - Annual Net Sales and Operating Income, FY2008-FY2012 .7
Medtronic - Annual Net Sales by Geographic Area, FY2008-FY2012 .8
Medtronic - Annual Net Sales by Product Area, FY2000-FY2012 9
Medtronic - FY2012 Sales by Product Segment 13
Medtronic - Annual CRDM Product Sales, FY2009-FY2012 14
Medtronic - Annual CardioVascular Product Sales - FY2009-FY2012 20
Medtronic - Annual Spinal Product Sales - FY2009-FY2012 27
Medtronic - Annual Neuromodulation Product Sales, FY2009-FY2012 34
Medtronic - Annual Diabetes Product Sales, FY2009-FY2012 37
Medtronic - Surgical Technologies Annual Sales - FY2009-FY2012 (US$ million) 39

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