Fiscal year 2011 was one of the more challenging years in the industry's recent history, according to Medtronic (Minneapolis) CFO Gary Ellis, who told conference call participants this week that the company experienced a "significant slowdown" in its markets early in its fiscal year, driven by the "continued macro-economic downturn, decreased utilization, and increased payor pushback, which affected us, our customers, and the industry." (Medical Device Daily)