MEDTRONIC LIMITED
Company Information
- Company Number
- 01070807
- Registered Address
- Building 9 Croxley Park, Hatters Lane, Watford, Hertfordshire, England, WD18 8WW
- Status
- Active
- Employee Count
- 947
- Turnover
- £576,325,000
- EBITDA
- £24,611,000
Additional Details
- Website
- https://medtronic.com/
- Company Type
- Private limited Company
- Incorporated On
- 8 September 1972
- Nature of Business
- 32500 - Manufacture of medical and dental instruments and supplies86900 - Other human health activities
- Industries
- Life Sciences And Medical Technology
- Region
- East of England
Time to Pay
Payment Timeline
Payment Features
Company Review
Trend Analysis
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.
Volatility Analysis
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.
Summary Analysis
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%.
Performance Reports History
| 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% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
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
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
Dispute Resolution Process
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.
Other Payment Information
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.
❌
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.
✅
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
MEDTRONIC LIMITED is a leading medical technology company that focuses on improving the lives of people through innovative healthcare solutions. The company is committed to sustainability and has implemented various initiatives to reduce their environmental impact and promote ethical business practices.
The company offers a wide range of medical devices and therapies that cover areas such as cardiology, neurology, and diabetes management. Their products are designed to improve patient outcomes and enhance the quality of life for individuals with chronic health conditions.
MEDTRONIC LIMITED is headquartered in Watford, Hertfordshire, and has a global presence with operations in over 150 countries. The company has a team of dedicated professionals, including engineers, scientists, and healthcare experts, who work together to drive innovation and deliver high-quality products and services.
One of the key people at MEDTRONIC LIMITED is Geoff Martha, the company's Chairman and Chief Executive Officer. Under his leadership, the company has focused on sustainability and has set ambitious goals to reduce their carbon footprint and promote social responsibility.
In addition to their sustainability efforts, MEDTRONIC LIMITED also has a strong commitment to corporate social responsibility, with initiatives focused on improving access to healthcare for underserved communities and supporting employee volunteerism.
For more information on MEDTRONIC LIMITED, their products and services, and their sustainability efforts, you can visit their website at www.medtronic.com/uk-en/ and their registered office address is Medtronic UK Limited, Building 9, Croxley Park, Watford, WD18 8WW, United Kingdom.
