Medtronic Q1 revenue jumps 3% to $7.39B: 5 things to know

Laura Dyrda -  

Medtronic reported a slight revenue increase in the first quarter of the 2018 fiscal year.

 

Here are five things to know:

 

1. First quarter revenue hit $7.39 billion, up 3 percent over the same period last year. U.S. revenue increased 1 percent to $4 billion, representing 55 percent of the company's overall revenue. Non-U.S. revenue hit $2.3 billion, up 4 percent over the same period last year, and emerging market revenue was $1 billion, up 11 percent over last year.

 

2. Foreign currency negatively impacted Medtronic's first quarter revenue by $332 million.

 

3. Spine revenue grew 1 percent in the first quarter, hitting $649 million. Core spine revenue grew in the low single digits, driven by the company's "speed-to-scale" product launches. The biologics business revenue grew in the high-single digits.

 

4. Medtronic expects revenue to grow between $380 million to $480 million during the 2018 fiscal year, predicting between $25 million and $75 million growth in the second quarter.

 

5. The company plans to continue innovating in the future. "Looking ahead, we have now entered a period of clear acceleration in our innovation cycle, and we expect to see increasing momentum coming from several new product launches over the balance of the fiscal year," said CEO Omar Ishrak.

 

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