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Quarterly Review

3Q14 Revenue: Medtronic

(for period ended 10/24/14)

$746MM, +1% (U.S. $517MM, flat; ex-U.S. $229MM, +3%)

  • Core Spine $551MM, flat
  • Interventional Spine $75MM, -5%
  • BMP $120MM, +9%

 

  • In the process of launching Prestige LP cervical disc, Divergence anterior cervical fusion system, titanium-coated interbody fusion devices
  • Core spine launches should return overall spine to modest growth in FY15
  • Interventional spine affected by product supply issue related to cement delivery
  • BMP achieved 5 consecutive quarters of stability
  • Notes that global and U.S. core spine markets continue to stabilize, are “beginning to show bias towards low single-digit growth”