Medtronic reported $4 billion in revenue for the first quarter of the 2012 fiscal year, which is a 7 percent increase over the same period last year, according to a Medtronic news release.
However, the company's net earnings decreased by 1 percent to $821 million during the first quarter. The company experienced a 3 percent decrease in revenue from the spinal business. Core Spinal revenue accounted for $610 million, a decline of 5 percent from last year. Despite the accelerating decrease in sales of the company's Infuse, a bone morphogenic protein product, the spinal biologics market grew by 2 percent to $215 million. The acquisition of Osteotech offset declining Infuse sales, according to the report.
In the United States, the company experienced a decline in both the Core Spinal and biologics markets, from $439 million to $398 million and $192 million to $191 million, respectively. Revenue from the U.S. neuromodulation business increased from $261 million last year to $272 million during the first quarter of this year.
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In the United States, the company experienced a decline in both the Core Spinal and biologics markets, from $439 million to $398 million and $192 million to $191 million, respectively. Revenue from the U.S. neuromodulation business increased from $261 million last year to $272 million during the first quarter of this year.
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Surge in Spine Device Sales Can't Save Kensey Nash's Difficult 4Q
Titan Spine's Implant Sales Beat the Market Thus Far in 2011
Shoulder Sales, Foreign Exchange Rate Boost DJO Global Sales in 2Q