Six things to know
1. Worldwide revenue was $7.8 billion, up 2 percent year-over-year.
2. Medtronic’s neuroscience portfolio, which includes cranial and spinal technologies, specialty therapies and neuromodulation, saw $2.1 billion in sales. That’s a 1 percent increase from the same time last year.
3. Cranial and spinal technologies hit a revenue of $1.1 billion, increasing 2 percent from the same time last year. Spine and biologics products saw revenue increases in the high single digits.
4. Neuromodulation saw a 4 percent year-over-year decrease in revenue with $409 million.
5. In the fourth quarter of fiscal year 2022, Medtronic expects to see organic revenue growth of 5.5 percent year-over-year.
6. “We are starting to see procedure volumes improve, and our outlook assumes continued recovery through March and April,” Medtronic CFO Karen Parkhill said in a news release. “By the time we exit the fourth quarter, we expect procedure volumes in most of our markets to be back to pre-COVID levels.”
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