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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