Medtronic reported a strong fourth quarter of the 2021 fiscal year ending April 30, as elective procedure volumes rebounded after plunging during the pandemic.
Five things to know:
1. Medtronic's worldwide revenue jumped 37 percent to $8.2 billion. U.S. revenue hit $4.2 billion, a 47 percent year-over-year increase.
2. Full year revenue hit $30.1 billion, a 4 percent year-over-year increase.
3. Cranial and spinal technologies fourth-quarter revenue was up 50 percent to $1.2 billion. Medtronic's spine and biologics reported revenue grew more than 40 percent, driven by strong Titan nanoLOCK sales.
4. Record sales for Medtronic's StealthStation navigation O-arm, Midas Rex capital and advanced energy products helped the neurosurgery business' revenue jump more than 40 percent in the fourth quarter.
5. Medtronic said it expects 9 percent revenue growth in 2022 because of new product launches and market recovery from the pandemic. The company will also invest in major product launches, including in robotics, and it is planning for the largest research and development spend in Medtronic's history, according to CFO Karen Parkhill.