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Year in Review

2014 Revenue: Medtronic

(for the period ended 1/23/15)

$740MM, +2% (U.S. $522MM, +1%, ex-U.S. $218MM, +4%)

Core Spine $543MM, +1% (U.S. $359MM, -1%; ex-U.S. $184MM, +5%)

Interventional Spine (primarily balloon kyphoplasty) $75MM, flat (U.S. $56MM, +2%, ex-U.S. $19MM, -5%)

BMP $122MM, +9% (U.S. $107MM, +9%; ex-U.S. $15MM, +7%)

  • Closed acquisition of Covidien; headquarters now located in Ireland
  • Expects FY15 to support return to modest growth for overall spine business
  • Interventional Spine had mid-teens growth in Japan, offset by declines in Europe due to price pressure in Germany
  • Turned the corner on BMP, expecting growth to be slightly positive moving forward
  • Good adoption of pure titanium coating interbody fusion devices, PRESTIGE LP cervical disc and DIVERGENCE anterior cervical fusion system
  • Received FDA 510(k) clearance for DIVERGENCE standalone system and Zevo Anterior Cervical Plate
  • Sales of products to perform OLIF25 procedure +30% (alternative to lateral approaches that rely on nerve monitoring)
  • Estimates ~16% of thoracolumbar procedures use PowerEase power surgical instruments, >20% use StealthStation surgical navigation