Medtronic Q1 profits hit $929M, revenue down 1% to $7.1B: 8 things to know

Written by Laura Dyrda | August 25, 2016 | Print  |

Medtronic reported a slight decrease in first quarter revenue for the 2017 fiscal year, which ended July 29, 2016.

Here are eight things to know:

 

1. Medtronic reported $7.1 billion in worldwide revenue, a 1 percent decrease over the same period last year. The foreign currency had a negative $7 million impact on revenue and the first quarter this year contained one less week than the first quarter last year.

 

2. Revenue in the United States represented 56 percent of the company revenue. It decreased 3 percent to $4 billion.

 

3. Non-U.S. developed market revenue was $2.2 billion, a 31 percent of the company's revenue and a 2 percent increase over the same period last year.

 

4. Emerging market revenue was 13 percent of the company's revenue and was flat on a year-over-year basis at $933 million.

 

5. Medtronic's spine division reported a 6 percent decrease in revenue to $645 million. The Core Spine business was up in the low-single digits in the United States with a number of new products and focuses on the procedural innovation driving improved results.

 

6. BMP grew in the mid-single digits on a constant currency, constant weeks basis. In the United States, BMP grew in the high single digits on a constant weeks basis, partially offset by the continued loss of InductOs sales in Europe.

 

7. Medtronic reported profits at $929 million for the first quarter, up from $820 million over the same period last year.

 

8. The minimally invasive therapies group, which was formerly Covidien, reported decreased sales of 1 percent on the quarter, reaching $2.42 billion.

 

More articles on orthopedic devices:
Could Johnson & Johnson hit $1T before Apple? 6 things to know
Medtronic, SeaSpine, Zimmer Biomet & more: 17 key notes
Medical device makers pivot towards value-based care: 7 thoughts

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