Medtronic sees 8% revenue decrease in Q1 of fiscal year 2023

Spinal Tech

Medtronic saw $7.4 billion in revenue in the first quarter of fiscal year 2023, according to results posted Aug. 23.

Six things to know:

1. Total revenue decreased 8 percent year over year.

2. U.S. revenue, which is 51 percent of total sales, was $3.8 billion. International revenue was $2.3 billion, falling 10 percent from the previous year.

3. Cranial and spinal technologies had a 7 percent decrease, with $1 billion in sales.

4. The full neuroscience segment decreased 4 percent, with $2.1 billion revenue.

5. Medtronic maintains its guidance for fiscal year 2023 and expects full-year revenue to grow 4 to 5 percent.

6. Medtronic CEO Geoff Martha said: "The company continues to execute in a challenging environment, delivering organic revenue above our guidance. As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth."

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