Six things to know:
1. Medtronic’s restorative therapy group, which includes spine, pain and brain divisions, reported a 5.6 percent drop in fiscal year 2020 revenue to $7.725 billion. Fourth quarter revenue was down 33 percent to nearly $1.5 billion. The fourth quarter decline reflects the impact of COVID-19.
2. Titan Spine contributed $15 million to the company’s fourth quarter revenue as part of the Medtronic’s Restorative Therapies Group.
3. The overall spine revenue was down 31 percent in the fourth quarter to $480 million. Core Spine revenue dropped by a percentage in the high 20s in the U.S. and internationally.
4. Bone morphogenetic protein sales were down by a percentage in the high 30s. Pain therapies fourth quarter revenue was down $198 million, a 42 percent drop.
5. Neurosurgery revenue dropped by a percentage in the high 20s.
6. Medtronic did not provide guidance for future financial results due to the pandemic. The company did report a cash dividend for the first quarter of the 2021 fiscal year on May 20, raising the quarterly amount to 58 cents per share. Annually, this dividend would jump from $2.16 per share to $2.32 per share. The company returned $3.6 billion to shareholders in the 2020 fiscal year.
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