Medtronic full-year 2016 revenue hits $28.8B; Spine revenue totals $2.9B+: 8 key notes

Spinal Tech

Medtronic has announced financial results for its fourth quarter and full fiscal year 2016, which ended April 29, 2016.

Here are eight key notes:


1. The company reported fourth quarter worldwide revenue of $7.57 billion, compared to the $7.30 billion reported in the fourth quarter of 2015, a 4 percent increase, or 6 percent on a constant currency basis.


2. Fourth quarter 2016 non-GAAP net income was $1.79 billion.  


3. Medtronic's 2016 revenue totaled $28.83 billion, while 2016 net earnings were $3.54 billion.


4. U.S. revenue in the fourth quarter of 2016 reached $4.22 billion, which represented 56 percent of company revenue. Non-U.S. developed market revenue totaled $2.39 billion.


5. The company's minimally invasive therapies group saw worldwide revenue of $2.46 billion in the fourth quarter of 2016 — a 3 percent increase, or 6 percent on a constant currency basis, from the same period last year.


6. The restorative therapies group, which includes the spine, neuromodulation, surgical technologies and neurovascular, reported worldwide fourth quarter revenues of $1.88 billion.


7. Fourth quarter revenue for the spine business was $737 million, down 1 percent from the same perid last year. Core spine and interventional spine both delivered improved growth. Full-year 2016 revenue from the spine business totaled $2.92 billion worldwide, down 2 percent from 2015.


8. BMP declined in the low-single digits on a constant currency basis. Mid-single digit growth in the U.S. only partially offset the continued loss of BMP sales in Europe as a result of a product hold.


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