Medtronic sees dip in cranial, spinal tech division with $1.1B revenue in Q3 — 7 insights

Spinal Tech

Medtronic saw sales growth in its Mazor robotics, O-arm imaging and Midas-Rex devices, but an overall decrease in its cranial and spinal technologies revenue during the third quarter.

Seven insights from the third quarter of Medtronic's fiscal year 2021:

1. Cranial and spinal technology revenue was $1.1 billion, a 3.2 percent decrease as reported year over year. There were mid-single-digit declines in spine revenue.

2. Medtronic's restorative therapies group, which includes cranial and spinal technologies, specialty therapies, and neuromodulation divisions, reported third-quarter revenue of $2.1 billion, a 0.7 percent increase.

3. During the third quarter, Medtronic had sales growth of its Mazor robotics, O-arm imaging and Midas-Rex surgical instruments in the U.S.

4. Worldwide revenue was $7.8 billion, a 0.8 percent year-over-year increase.

5. Third-quarter net income was $1.27 billion.

6. U.S. revenue declined 2 percent year over year to hit $3.9 billion and represent 51 percent of total third-quarter revenue. 

7. The company didn't provide formal annual or quarterly financial guidance.

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