Copy to clipboard 
Medtronic reported FY1Q26 orthopedic sales of $886 million, up 5.1% compared to the fiscal first quarter of 2025.
Spine got virtually no air-time during the company’s latest earning call, with much of the focus going to Medtronic’s engagement with its newest stakeholder, Elliott Investment Management. Medtronic expanded the size of its board and stood up two new committees to focus on M&A and cutting costs.
The company’s spine business is currently healthy, with mid-single-digit growth and a widening enabling technology lead over its competitors. Medtronic CEO Geoffrey Martha echoed a sentiment we wrote about in 2023, that technology can effectively defend implant share.
“Our spine AiBLE ecosystem is driving differentiated share gains. Health systems, they’re not just updating one piece of capital equipment when they upgrade, they’re upgrading to the full AiBLE ecosystem, which is a powerful thing for us and creates a real moat, a competitive moat, around that business,” he said.
In recent quarters, Globus Medical saw selling cycles for its technology elongate and sales slow. However, Medtronic said its capital is exhibiting strong, durable growth on a global basis.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $636.1 | $604.7 | $31.4 | 5.2% |
| Orthobiologics | $135.6 | $130.7 | $5.0 | 3.8% |
| Enabling Technology | $35.8 | $33.2 | $2.6 | 7.9% |
| Other | $78.4 | $74.7 | $3.7 | 5% |
| Total | $886.0 | $843.2 | $42.8 | 5.1% |
Orthopedic Sales by Geography
| Region | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $651.7 | $628.5 | $23.1 | 3.7% |
| OUS | $234.3 | $214.7 | $19.6 | 9.2% |
| Total | $886.0 | $843.2 | $42.8 | 5.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,578.0 | |
| Cost of Sales | $3,001.0 | 35% |
| Selling and Admin | $2,806.0 | 32.7% |
| R & D | $726.0 | 8.5% |
| Other | $1,005.0 | 11.7% |
| Net Earnings | $1,040.0 | 12.1% |
Medtronic reported FY1Q26 orthopedic sales of $886 million, up 5.1% compared to the fiscal first quarter of 2025.
Spine got virtually no air-time during the company's latest earning call, with much of the focus going to Medtronic's engagement with its newest stakeholder, Elliott Investment Management. Medtronic expanded the size of its...
Medtronic reported FY1Q26 orthopedic sales of $886 million, up 5.1% compared to the fiscal first quarter of 2025.
Spine got virtually no air-time during the company’s latest earning call, with much of the focus going to Medtronic’s engagement with its newest stakeholder, Elliott Investment Management. Medtronic expanded the size of its board and stood up two new committees to focus on M&A and cutting costs.
The company’s spine business is currently healthy, with mid-single-digit growth and a widening enabling technology lead over its competitors. Medtronic CEO Geoffrey Martha echoed a sentiment we wrote about in 2023, that technology can effectively defend implant share.
“Our spine AiBLE ecosystem is driving differentiated share gains. Health systems, they’re not just updating one piece of capital equipment when they upgrade, they’re upgrading to the full AiBLE ecosystem, which is a powerful thing for us and creates a real moat, a competitive moat, around that business,” he said.
In recent quarters, Globus Medical saw selling cycles for its technology elongate and sales slow. However, Medtronic said its capital is exhibiting strong, durable growth on a global basis.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $636.1 | $604.7 | $31.4 | 5.2% |
| Orthobiologics | $135.6 | $130.7 | $5.0 | 3.8% |
| Enabling Technology | $35.8 | $33.2 | $2.6 | 7.9% |
| Other | $78.4 | $74.7 | $3.7 | 5% |
| Total | $886.0 | $843.2 | $42.8 | 5.1% |
Orthopedic Sales by Geography
| Region | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $651.7 | $628.5 | $23.1 | 3.7% |
| OUS | $234.3 | $214.7 | $19.6 | 9.2% |
| Total | $886.0 | $843.2 | $42.8 | 5.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,578.0 | |
| Cost of Sales | $3,001.0 | 35% |
| Selling and Admin | $2,806.0 | 32.7% |
| R & D | $726.0 | 8.5% |
| Other | $1,005.0 | 11.7% |
| Net Earnings | $1,040.0 | 12.1% |
You’ve reached your limit.
We’re glad you’re finding value in our content — and we’d love for you to keep going.
Subscribe now for unlimited access to orthopedic business intelligence.
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.
