I’ve always thought of Medtronic as one of those unshakable giants in the medical device world, so hearing about their layoffs in 2024 really caught my attention. As someone who’s followed the medtech industry for a while, I couldn’t help but wonder what’s going on with a company that employs over 95,000 people globally and leads the pack in revenue. Let’s take a closer look at the Medtronic layoffs in 2024, why they happened, and what they mean for employees and the industry, blending my personal take with the formal details.
A Wave of Layoffs Hits Medtronic in 2024
Medtronic, the world’s largest medical device company, kicked off 2024 with multiple rounds of layoffs that left employees and industry watchers like me on edge. According to a May 14, 2024, report from MassDevice, employees across the company reported a new wave of job cuts spanning the entire organization, from Endoscopy to Structural Heart and Ear, Nose, and Throat divisions. By June 13, 2024, Medtronic confirmed these global layoffs to the Star Tribune, though they didn’t share specific numbers, citing their policy of only disclosing what’s required by state laws for mass layoffs.
I remember reading about these cuts and feeling a mix of surprise and concern. Medtronic has always been a leader in medtech, so seeing them trim jobs made me wonder about the bigger picture. The company also laid off 35 employees in Israel, about 3% of its workforce there, mostly from Mazor Robotics, which they acquired in 2018 for $1.7 billion, as reported by CTech. That’s just one piece of a larger puzzle that unfolded throughout the year.
Specific Layoff Actions in 2024
Medtronic’s layoffs in 2024 weren’t just a one-off event—they happened in phases. Early in the year, the company announced plans to exit the ventilator market, a decision that led to up to 40 job cuts in Ireland, according to a March 5, 2024, MedTech Dive report. Then, on April 29, 2024, Medtronic filed a notice with California’s Employment Development Department to lay off 44 employees at its Carlsbad facility, effective around May 19. This facility, tied to Nellcor Puritan Bennett, a respiratory monitoring and ventilator brand, saw cuts mostly among engineers—R&D, software, mechanical, and systems engineers, as well as roles in marketing and cybersecurity, per MassDevice.
I couldn’t help but feel for those engineers. Losing a job is tough, especially in a specialized field like medtech where you’ve likely poured years into your career. These layoffs were part of a broader restructuring, with Medtronic also relocating certain operations at the Carlsbad site, though they didn’t specify which ones. By May 16, 2024, Becker’s Spine Review noted another round of layoffs, with a Medtronic spokesperson confirming the cuts but keeping the total number under wraps.
Why Did Medtronic Lay Off Employees?
The reasons behind Medtronic’s 2024 layoffs are tied to a mix of economic pressures and strategic shifts. The company has been vocal about facing challenges like inflation, a strong U.S. dollar, and supply chain issues, which have squeezed their margins. A June 13, 2024, Star Tribune article quoted Medtronic saying they were aligning resources with their “highest strategic priorities.” This isn’t new—back in 2023, they started layoffs to cut costs after seeing sales dip in divisions like diabetes and surgical, as reported by Fierce Biotech.
What strikes me is how Medtronic seems to be doubling down on efficiency. They offered a voluntary early retirement program in 2023, and in 2024, they continued restructuring by closing facilities—like the Sunnyvale, California site in 2023, where 59 jobs were cut, and five manufacturing plants by April 2024. It’s clear they’re trying to streamline operations, but I wonder how much of this is reactive versus proactive. Medtronic’s revenue did grow by 3.6% to $32.4 billion in fiscal 2024, according to MassDevice, so why the need for such deep cuts?
Employee Sentiment and Culture Concerns
The layoffs have taken a toll on Medtronic’s workforce, and the sentiment I’ve seen online reflects that. Posts on platforms like TheLayoff.com in 2024 and early 2025 paint a picture of frustration. One employee wrote about feeling unappreciated after years of dedication, saying, “They expect total dedication but turn around and cut experienced people first when budgets get tight.” Another mentioned a “deteriorating culture,” pointing to a lack of loyalty from the company despite employees being asked to go “above and beyond” twice a year in surveys.
Reading these comments hit home for me—I’ve worked in places where the culture felt off, and it’s draining. It’s disheartening to see a company like Medtronic, which has been a beacon for medtech innovation, struggle with morale. Some employees even speculated about bigger issues, with a May 20, 2025, post on TheLayoff.com hinting at a press release about an upcoming scandal, though nothing has been confirmed as of now. That kind of uncertainty can’t be easy for workers already dealing with job cuts.
Leadership Changes and Financials
Amid the layoffs, Medtronic saw some big leadership shifts in 2024. Bob White, the EVP and President of the Medical Surgical portfolio, left the company by the end of fiscal 2024, as noted in a MassDevice report. Karen Parkhill, the CFO, also stepped down on August 2, 2024, to join HP, after receiving $8 million in total compensation for the year, per Medical Design & Outsourcing. Meanwhile, CEO Geoff Martha’s pay jumped 30% to $20.1 million, which didn’t sit well with some employees, especially given the layoffs.
I can’t help but raise an eyebrow at that pay increase. It’s hard to justify such a bump when workers are losing jobs. Medtronic’s employee count also dropped to 100,716 as of February 1, 2024, down 1,151 from 2022, according to Medical Design & Outsourcing. While the company’s revenue ticked up, their net income for the first quarter of fiscal 2024 fell nearly 15% to $791 million, as reported by Fierce Biotech, showing the financial strain they’re under despite the growth.
The Bigger Picture in Medtech
Medtronic’s layoffs are part of a broader trend in the medtech industry. A MedTech Dive analysis found that medical device companies cut over 14,000 jobs between January 2023 and June 2024, with big names like Abbott, Boston Scientific, and Johnson & Johnson also reducing staff. The industry is still recovering from the COVID-19 fallout, grappling with supply chain issues and economic uncertainty. Acutus Medical, for example, cut 70% of its staff in December 2024 to focus on a deal with Medtronic, per MedTech Dive.
It’s a tough time for medtech workers, and I feel for anyone caught in this wave. Companies are prioritizing cost-cutting over stability, and while that might make sense on a balance sheet, it’s hard on employees. Medtronic’s focus on high-priority areas—like their Hugo robotic surgical platform and MiniMed 780G insulin pump—shows they’re betting on innovation to pull through, but at what cost to their workforce?
What’s Next for Medtronic?
Looking ahead, Medtronic seems set on continuing its restructuring. They’ve talked about spinning off their diabetes business within 18 months, as noted in a December 2024 MedTech Dive report, and their focus on cost efficiency isn’t slowing down. But the lack of transparency around layoff numbers—Medtronic hasn’t shared exact figures—makes it hard to gauge the full impact. Posts on TheLayoff.com as recent as May 22, 2025, mention a “2025 bloodbath,” suggesting more cuts might be coming, though this remains unconfirmed.
I’m curious to see how Medtronic balances growth with employee morale. They’re still a leader in medtech, but these layoffs have left a mark. For workers, it’s a reminder to stay proactive—whether that’s upskilling or keeping an eye on industry trends. For the company, it’s about proving they can innovate without losing the trust of their people.
Final Thoughts
The Medtronic layoffs in 2024 have been a wake-up call for the medtech industry. With cuts spanning the globe, from California to Other countries , and affecting everyone from engineers to sales teams, it’s clear the company is navigating choppy waters. I’ve felt a mix of sympathy for the employees and frustration at the lack of clarity from leadership. As of May 25, 2025, the future looks uncertain, but Medtronic’s focus on strategic priorities might pave the way for recovery—if they can rebuild trust along the way. For now, it’s a challenging time for workers, and I’ll be keeping a close eye on what comes next.
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