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Medtronic reported FY 1Q21 orthopedic revenue of $688.3 million, -10.9% vs. FY 1Q20. The company rebounded well from the depths of April. Medtronic outperformed many of its competitors in the spine market, and leadership believes that the company gained over a half of point of share in the second calendar quarter. Medtronic CEO Geoff Martha hinted at a “new” Medtronic, emerging from the pandemic with a renewed focus on taking market share and growing at or above market average. The company plans to provide more details on its transformation during its Investor Day on October 14.
Medtronic believes that data and analytics are the next frontier in surgery. Its pending tuck-in acquisition of Medicrea will make Medtronic the first company to offer an integrated spine surgery solution that includes AI-driven surgical planning, personalized implants and robotics-assisted surgical delivery. Medtronic plans to bolster its R&D efforts with technology-oriented tuck-ins that are on the path to or in early in commercialization.
“We want to put the tech in medtech. We’re very device-centric. We want to shift to some of these digital technologies to change our offerings. Over time, we want to pull in data and analytics. Having our offerings be smarter and self-learning – providing a lot of data and insight in addition to therapy – is something we’re committed to.” – Geoff Martha, Medtronic CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| FY 1Q21 | FY 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $575.0 | $644.1 | ($69.1) | (10.7%) |
| Orthobiologics | $113.3 | $128.0 | ($14.7) | (11.5%) |
| Total | $688.3 | $772.1 | ($83.8) | (10.9%) |
Geographic Sales
| FY 1Q21 | FY 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $477.7 | $511.9 | ($34.2) | (6.7%) |
| OUS | $210.6 | $260.2 | ($49.6) | (19.1%) |
| EMEA | $105.3 | $132.8 | ($27.5) | (20.7%) |
| Asia Pacific | $91.5 | $106.6 | ($15.0) | (14.1%) |
| Rest of World | $13.8 | $20.8 | ($7.1) | (34%) |
| Total | $688.3 | $772.1 | ($83.8) | (10.9%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $6,507.0 | |
| Cost of Sales | $2,505.0 | 38.5% |
| Selling and Admin | $2,417.0 | 37.1% |
| R & D | $621.0 | 9.5% |
| Other | $473.0 | 7.3% |
| Net Earnings | $491.0 | 7.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Medtronic reported FY 1Q21 orthopedic revenue of $688.3 million, -10.9% vs. FY 1Q20. The company rebounded well from the depths of April. Medtronic outperformed many of its competitors in the spine market, and leadership believes that the company gained over a half of point of share in the second calendar quarter. Medtronic CEO Geoff...
Medtronic reported FY 1Q21 orthopedic revenue of $688.3 million, -10.9% vs. FY 1Q20. The company rebounded well from the depths of April. Medtronic outperformed many of its competitors in the spine market, and leadership believes that the company gained over a half of point of share in the second calendar quarter. Medtronic CEO Geoff Martha hinted at a “new” Medtronic, emerging from the pandemic with a renewed focus on taking market share and growing at or above market average. The company plans to provide more details on its transformation during its Investor Day on October 14.
Medtronic believes that data and analytics are the next frontier in surgery. Its pending tuck-in acquisition of Medicrea will make Medtronic the first company to offer an integrated spine surgery solution that includes AI-driven surgical planning, personalized implants and robotics-assisted surgical delivery. Medtronic plans to bolster its R&D efforts with technology-oriented tuck-ins that are on the path to or in early in commercialization.
“We want to put the tech in medtech. We’re very device-centric. We want to shift to some of these digital technologies to change our offerings. Over time, we want to pull in data and analytics. Having our offerings be smarter and self-learning – providing a lot of data and insight in addition to therapy – is something we’re committed to.” – Geoff Martha, Medtronic CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| FY 1Q21 | FY 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $575.0 | $644.1 | ($69.1) | (10.7%) |
| Orthobiologics | $113.3 | $128.0 | ($14.7) | (11.5%) |
| Total | $688.3 | $772.1 | ($83.8) | (10.9%) |
Geographic Sales
| FY 1Q21 | FY 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $477.7 | $511.9 | ($34.2) | (6.7%) |
| OUS | $210.6 | $260.2 | ($49.6) | (19.1%) |
| EMEA | $105.3 | $132.8 | ($27.5) | (20.7%) |
| Asia Pacific | $91.5 | $106.6 | ($15.0) | (14.1%) |
| Rest of World | $13.8 | $20.8 | ($7.1) | (34%) |
| Total | $688.3 | $772.1 | ($83.8) | (10.9%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $6,507.0 | |
| Cost of Sales | $2,505.0 | 38.5% |
| Selling and Admin | $2,417.0 | 37.1% |
| R & D | $621.0 | 9.5% |
| Other | $473.0 | 7.3% |
| Net Earnings | $491.0 | 7.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
