Industry ranking
The average time to pay for MEDTRONIC LIMITED has fluctuated between 25 and 32 days over the past three periods. However, there was a significant increase in the last period, where the average time to pay was 32 days compared to 26 days in the previous period.
The average time to pay for MEDTRONIC LIMITED has varied by an average of 2.5 days over the past three periods. The most volatile period was between 2017-10-29 and 2018-04-27, where there was a 4-day increase in the average time to pay compared to the previous period.
Over the past three periods, there has been a trend towards longer payment times for MEDTRONIC LIMITED. The average time to pay has increased from 25 days to 32 days, while the percentage of invoices paid within 30 days has decreased from 77% to 59%. This trend is also reflected in the increase in the percentage of invoices paid between 31 and 60 days from 20% to 35%.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 26 Oct 2019 - 24 Apr 2020 | 14 May 2020 | 26 | 64% | 35% | 1% | 37% |
| 27 Apr 2019 - 25 Oct 2019 | 15 Nov 2019 | 32 | 59% | 34% | 7% | 64% |
| 27 Oct 2018 - 26 Apr 2019 | 04 Jun 2019 | 28 | 67% | 30% | 3% | 74% |
| 28 Apr 2018 - 26 Oct 2018 | 22 Nov 2018 | 26 | 71% | 28% | 1% | 60% |
| 29 Oct 2017 - 27 Apr 2018 | 15 May 2018 | 27 | 73% | 23% | 4% | 81% |
| 29 Apr 2017 - 28 Oct 2017 | 07 Nov 2017 | 25 | 77% | 20% | 3% | 89% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for trade goods and services-60 days. Healthcare providers standard contractual terms -30 days. Maximum contractual period 60 days.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
First point of contact for disputes is Medtronic Accounts Payable Shared Services Centre. When an invoice is disputed, the supplier will receive an automated e-mail indicating the invoice number and reason for rejection. To resolve a dispute the supplier is required to provide any missing information or a corrected invoice. Medtronic follow a strict "No PO no pay policy". The PO number is communicated by Medtronic's procurement team at the time of placing the order.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Medtronic Limited is a UK-registered company within the global Medtronic group, a healthcare technology business. Companies House records show its activities under manufacture of medical and dental instruments and supplies, and other human health activities. The wider Medtronic group, described on its website as a global healthcare technology leader, develops products and services across areas including cardiac care, neurological treatment, spinal and orthopaedic surgery, respiratory and gastrointestinal devices, and surgical robotics, working with healthcare professionals worldwide. Medtronic Limited operates from Watford, Hertfordshire, as part of this international group rather than as an independent standalone manufacturer, representing the group's presence and activities within the UK.
Generated from the company's website and Companies House records. Sources: medtronic.com