Here are five things to know:
1. Medtronic reported $7.2 billion worldwide revenue for the quarter, a 12 percent increase including an extra week benefit. However, foreign currency translation had a negative $529 million impact on revenue.
2. Revenue in the United States reached $4.1 billion, up 14 percent. United States revenue represented 57 percent of the company’s entire revenue. The non-U.S. developed market revenue was up 10 percent to $2.1 billion
3. Spine revenue grew 7 percent to $763 million in the first quarter.
4. The company’s BMP line grew, but core spine was flat globally and declined slightly in the United States. The Interventional spine line declined as well globally.
5. Medtronic expects full-year revenue to grow 4 percent to 6 percent on a comparable, constant currency basis. The company expects diluted non-GAAP EPS in the range of $4.30 to $4.40.
“Our strong innovation pipeline and focus on value-based healthcare initiatives are aimed at ensuring Medtronic remains the partner of choice for hospitals, payers and governments around the world,” said CEO Omar Ishrak.
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