Medtronic reported revenue growth in the third quarter of the 2015 fiscal year as the company moves forward with its Covidien acquisition.
"All three legacy Medtronic groups contributed to our robust performance," said Medtronic plc Chairman and CEO Omar Ishrak. "Our teams are executing on meaningful product launches around the world and our customers are responding to our differentiated healthcare solutions that seek to demonstrate both clinical and economic value."
Here are 10 key points from the financial report:
1. Third quarter worldwide revenue was $4.3 billion, 8 percent higher than the third quarter last year after adjusting for a $158 million negative foreign currency impact. These results were better than expected after the Covidien acquisition.
2. The net earnings were $977 million, or $0.98 per diluted share. The net earnings were up 28 percent.
3. The United States revenue was $2.4 billion, also up 8 percent. International revenue was only up 7 percent on a constant currency basis; it declined 2 percent as reported.
4. In the third quarter, the international sales accounted for 43 percent of Medtronic's revenue.
5. Emerging markets saw a 12 percent revenue increase to $542 million.
6. Spine revenue was up 2 percent on a constant currency basis — down 1 percent as reported — reaching $740 million. The core spine revenue was $543 million, up 1 percent.
7. The international spine revenue was flat at $75 million.
8. BMP revenue was up; it increased 9 percent to $122 million in the last quarter. In the second quarter of the 2015 fiscal year, BMP revenue was up 5 percent to $120 million.
9. The company expects constant currency revenue growth 4 percent to 6 percent on a pro forma basis in the fourth quarter.
10. Medtronic closed it's acquisition of Covidien, which is expected to have an impact on the company's financial report in the future.