Seven insights from the second quarter of Medtronic’s fiscal year 2021:
1. Worldwide revenues were down 1.5 percent year over year on an organic basis, which adjusts for the $59 million benefit of foreign currency translations.
2. Second-quarter GAAP net income was $489 million and diluted earnings per share was 36 cents.
3. U.S. revenue of about $4.05 billion represented 53 percent of Medtronic’s revenue in the second quarter, a 2 percent organic decrease from the prior year.
4. Medtronic’s restorative therapies group, which includes the cranial and spinal technologies, specialty therapies and neuromodulation divisions, reported second-quarter revenue of $2.06 billion. Revenue in the group was down 2.9 percent when calculated on an organic basis, reflecting a decline in procedure volumes due to the pandemic.
5. Cranial and spinal technologies brought in second-quarter revenue of $1.071 billion, an organic decline of 4.6 percent from the $1.12 billion reported in the second quarter of fiscal year 2020.
6. The cranial and spine technology results include $15 million of inorganic revenue related to Medtronic’s Titan Spine acquisition.
7. Medtronic’s core spine products saw declines in the long-single digits globally, but grew by low-single digits in the U.S. Growth for Medtronic’s China orthopedics division was in the high single digits.
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