30 Day Trial

BARE BONES content is posted to these pages in real time.

Monthly compilations are available in PDF form.

Product / Company Performance

Medtronic Reports FY 4Q19 Orthopedic Revenue of $862.9MM, +4.9% vs. 4Q18 -



Medtronic reported FY 4Q19 orthopedic revenue of USD $862.9MM, +4.9% vs. FY 4Q18, with full fiscal year 2019 revenue of $3.2BB, +3.9% vs. FY18.

Performance Highlights

  • Based on the fiscal year 2020 guidance provided by Medtronic, ORTHOWORLD estimates that the company’s orthopedic revenue will increase by +4.3% to a total of USD $3.3 billion.
  • Core spine products growth decreased -1.1% in the quarter, offset by strength in new products such as Infinity OCT and Solera Voyager 5.5/6.0. and biologics.
  • When combined with enabling technologies such as Mazor X (reported by Medtronic in their Brain segment), spine grew 5.6% in the quarter and 4.5% for the fiscal year.
  • Core spine plus enabling technology grew 11% in the U.S. for the quarter, driven by Medtronic’s Surgical Synergy strategy.


Mazor Update

  • Medtronic sold 26 Mazor X systems in the quarter.
  • Company leadership says they hold 70% spine robot market share with an installed unit base more than three times the next closest competitor.
  • Combined capital and implant contracts account for 80% of all Mazor systems sold.
  • Use of Medtronic spine implants in Mazor cases reached 60% in 4Q, up double digits from 3Q.


ORTHOWORLD estimates segment sales and growth on an as-reported basis as follows ($MM).

  FY 4Q19 FY 4Q18 $ Chg % Chg
Spine $714.4 $676.7 $37.7 5.6%
Orthobiologics $148.6 $146.0 $2.6 1.8%
Total $862.9 $822.7 $40.3 4.9%
  FY19 FY18 $ Chg % Chg
Spine $2,657.4 $2,543.1 $114.3 4.5%
Orthobiologics $540.9 $536.0 $4.9 0.9%
Total $3,198.3 $3,079.1 $119.2 3.9%

ORTHOWORLD estimates Medtronic’s orthopaedic revenue by geographic region as follows ($MM).

Geographic Region FY 4Q19 FY 4Q18 $ Chg % Chg
US $557.74 $521.23 $36.5 7.0%
Ex-US $305.20 $301.43 $3.8 1.2%
Total $862.9 $822.7 $40.3 4.9%

Net earnings in the quarter for all Medtronic revenue (including non-ortho) are as follows ($MM).

FY 4Q19 Amount % of Sales
Sales $8,146.0  
   Cost of Sales -$2,483.0 30.5%
   R & D -$594.0 7.3%
   Selling and Admin -$2,620.0 32.2%
   Other -$1,267.0 15.6%
Net Earnings $1,182.0 14.5%


Sources: Medtronic; ORTHOWORLD estimates

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

This article is a Member-only item of content. Members, please log in to read the complete post.
If you are not yet a Member, click here to learn more about purchasing ORTHOWORLD Membership.