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Product / Company Performance
Medtronic Posts FY2Q17 Revenue
ORTHOWORLD estimates Medtronic's FY2Q17 revenue at US $742.0MM, +2.9% vs. FY2Q16. Quarter ended 10/28/16; growth is as-reported.
ORTHOWORLD estimates spine and orthobiologic segment sales and growth on an as-reported basis, as follows, for FY2Q17.
- Spine $613.0MM, +3.2%
- Orthobiologics $129.0MM, +1.6%
- Primary growth drivers included Speed to Scale launches, navigation and imaging
- Per earnings call notes, Core Spine (hardware) overall grew in low-single-digits, supported by transforaminal lumbar fixation in the U.S. and salese of Solera Voyager, interbody product launches (Elevate, Divergence L, Capstone PTC, Pivox)
- Cervical product sales affected by price pressure, flat unit sales, weakness in the EMEA region
- Interventional Spine (largely kyphoplasty) grew in the high-single-digits
- BMP growth up in low-single-digits, with U.S. INFUSE up in high-single-digits
- InductOs shipping hold in Europe resulted in ~$5MM in lost revenue; the hold is now expected to resolve in FY1H18 (as opposed to calendar year-end)
- Overall business in emerging markets included a -40% decline in Saudi Arabia, mostly impacting Cardiac Rhythm & Heart Failure, Surgical Solutions and Spine divisions
- After the quarter's close, formally launched Medtronic Orthopedic Solutions program to serve customers with the CMS Comprehensive Care for Joint Replacement bundled payment initiative; not yet providing guidance on potential contribution
- Co-launched Mazor X surgical guidance system with Mazor during NASS
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