Five insights from the earnings call:
1. Medtronic plans to launch more spine implants that advance preoperative planning software, imaging, navigation and robotic systems as well as powered surgical instruments, “all of which are transforming care in spine surgery,” Mr. Martha said.
2. In the third quarter, cranial and spinal technologies revenue increased 2 percent year over year to $1.1 billion in the quarter. Revenue from spine and biologic products increased in the high single digits.
3. “We are starting to see procedure volumes improve, and our outlook assumes continued recovery through March and April,” Medtronic CFO Karen Parkhill said. “By the time we exit the fourth quarter, we expect procedure volumes in most of our markets to be back to pre-COVID levels.”
4. The company said it is strengthening operations, supply chain and global quality systems and expects to benefit as high-growth medtech markets such as spine and orthopedics “re-accelerate post-omicron,” Mr. Martha said.
5. Medtronic has acquired eight companies totaling more than $3.2 billion since the beginning of fiscal year 2021.
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