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Medtronic reported FY 1Q24 orthopedic sales of $830.7 million, +8.2% compared to the prior year’s first quarter.
Volume trends improved across the company’s geographies and businesses, with particular strength in Western Europe and Latin America. However, Medtronic described the recovery as a steady flow versus a bolus of pent-up demand.
In its first quarter of 2024, the company’s Aible digital ecosystem drove capital growth as well as pull-through for implants and biologics. Mazor robotics grew double-digits for the quarter, while StealthStation navigation grew in the high-single-digits. A robust technology portfolio is increasingly a must-have to compete at the highest levels of the spine market.
“This is an industry that’s being completely transformed and redefined by enabling technology,” said Medtronic CEO Geoffrey Martha. “We talk about robotics and imaging and navigation and powered instruments, but AI is a key piece of this. We have thousands of surgeries powering our AI. It is really just improving outcomes here, especially when it’s combined with enabling technology.”
Medtronic intends to invest in AI and technology across its enterprise. To that end, the company created the new position of Chief Technology and Innovation Officer. Ken Washington – a veteran of Amazon, Ford and Lockheed Martin – will fill the newly created role and lead the deployment of technologies like AI and robotics across the company.
Given improving market conditions and a sharper focus at the company, Medtronic expects FY24 total organic revenue growth between 4% and 4.5%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| FY 1Q24 | FY 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $599.5 | $552.0 | $47.5 | 8.6% |
| Orthobiologics | $119.2 | $111.0 | $8.2 | 7.4% |
| Enabling Technology | $33.7 | $30.4 | $3.3 | 11% |
| Other | $78.3 | $74.7 | $3.6 | 4.8% |
| Total | $830.7 | $768.0 | $62.6 | 8.2% |
Orthopedic Sales by Geography
| FY 1Q24 | FY 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $618.3 | $561.1 | $57.2 | 10.2% |
| OUS | $212.4 | $206.9 | $5.4 | 2.6% |
| EMEA | $103.8 | $92.2 | $11.7 | 12.7% |
| Asia Pacific | $83.1 | $88.3 | ($5.3) | (6%) |
| Rest of World | $25.5 | $26.4 | ($1.0) | (3.6%) |
| Total | $830.7 | $768.0 | $62.6 | 8.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,702.0 | |
| Cost of Sales | $2,628.0 | 34.1% |
| Selling and Admin | $2,613.0 | 33.9% |
| R & D | $668.0 | 8.7% |
| Other | $996.0 | 12.9% |
| Net Earnings | $797.0 | 10.3% |
Medtronic reported FY 1Q24 orthopedic sales of $830.7 million, +8.2% compared to the prior year's first quarter.
Volume trends improved across the company’s geographies and businesses, with particular strength in Western Europe and Latin America. However, Medtronic described the recovery as a steady flow versus a bolus of pent-up...
Medtronic reported FY 1Q24 orthopedic sales of $830.7 million, +8.2% compared to the prior year’s first quarter.
Volume trends improved across the company’s geographies and businesses, with particular strength in Western Europe and Latin America. However, Medtronic described the recovery as a steady flow versus a bolus of pent-up demand.
In its first quarter of 2024, the company’s Aible digital ecosystem drove capital growth as well as pull-through for implants and biologics. Mazor robotics grew double-digits for the quarter, while StealthStation navigation grew in the high-single-digits. A robust technology portfolio is increasingly a must-have to compete at the highest levels of the spine market.
“This is an industry that’s being completely transformed and redefined by enabling technology,” said Medtronic CEO Geoffrey Martha. “We talk about robotics and imaging and navigation and powered instruments, but AI is a key piece of this. We have thousands of surgeries powering our AI. It is really just improving outcomes here, especially when it’s combined with enabling technology.”
Medtronic intends to invest in AI and technology across its enterprise. To that end, the company created the new position of Chief Technology and Innovation Officer. Ken Washington – a veteran of Amazon, Ford and Lockheed Martin – will fill the newly created role and lead the deployment of technologies like AI and robotics across the company.
Given improving market conditions and a sharper focus at the company, Medtronic expects FY24 total organic revenue growth between 4% and 4.5%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| FY 1Q24 | FY 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $599.5 | $552.0 | $47.5 | 8.6% |
| Orthobiologics | $119.2 | $111.0 | $8.2 | 7.4% |
| Enabling Technology | $33.7 | $30.4 | $3.3 | 11% |
| Other | $78.3 | $74.7 | $3.6 | 4.8% |
| Total | $830.7 | $768.0 | $62.6 | 8.2% |
Orthopedic Sales by Geography
| FY 1Q24 | FY 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $618.3 | $561.1 | $57.2 | 10.2% |
| OUS | $212.4 | $206.9 | $5.4 | 2.6% |
| EMEA | $103.8 | $92.2 | $11.7 | 12.7% |
| Asia Pacific | $83.1 | $88.3 | ($5.3) | (6%) |
| Rest of World | $25.5 | $26.4 | ($1.0) | (3.6%) |
| Total | $830.7 | $768.0 | $62.6 | 8.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,702.0 | |
| Cost of Sales | $2,628.0 | 34.1% |
| Selling and Admin | $2,613.0 | 33.9% |
| R & D | $668.0 | 8.7% |
| Other | $996.0 | 12.9% |
| Net Earnings | $797.0 | 10.3% |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
