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Medtronic reported FY 3Q21 orthopedic revenue of $740.7 million, -4.5% vs. FY 3Q20. While the timing of Medtronic’s fiscal calendar can sometimes mask market conditions, lagging sales from COVID’s second wave continued to hamper the company through mid-February. Leadership expects sequential improvement through March and April.
Medtronic booked a record number of Mazor robotic system sales for the quarter, while its imaging and navigation systems had near-record sales. The company joins Stryker, Zimmer Biomet and Globus in a list of players that set all-time highs for robotic sales to close out the 2020 calendar year. Medtronic believes that this trend points to hospitals preparing for a rapid and robust recovery in 2021.
“We’re also seeing signs that our hospital customers are preparing for a robust recovery. For example, purchases of our capital equipment this past quarter have been notably strong. The use of our capital equipment – such as energy consoles, robotics, and navigation systems – is tied directly to procedures, so it’s telling that hospitals are prioritizing spending on this type of equipment.” – Medtronic CEO Geoffrey Martha
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 3Q21 | FY 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $614.7 | $653.6 | ($38.9) | (6%) |
| Orthobiologics | $126.0 | $122.0 | $4.0 | 3.2% |
| Total | $740.7 | $775.6 | ($35.0) | (4.5%) |
| FY 9m21 | FY 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $1,826.7 | $1,956.7 | ($130.0) | (6.6%) |
| Orthobiologics | $372.2 | $389.0 | ($16.8) | (4.3%) |
| Total | $2,198.9 | $2,345.7 | ($146.8) | (6.3%) |
Geographic Sales
| FY 3Q21 | FY 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $518.0 | $548.6 | ($30.6) | (5.6%) |
| OUS | $222.7 | $227.1 | ($4.4) | (1.9%) |
| EMEA | $107.4 | $110.1 | ($2.7) | (2.5%) |
| Asia Pacific | $96.3 | $97.0 | ($0.7) | (0.7%) |
| Rest of World | $19.0 | $20.0 | ($1.0) | (4.9%) |
| Total | $740.7 | $775.6 | ($35.0) | (4.5%) |
| FY 9m21 | FY 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,576.1 | $1,667.1 | ($91.0) | (5.5%) |
| OUS | $622.8 | $678.6 | ($55.8) | (8.2%) |
| EMEA | $302.0 | $337.7 | ($35.7) | (10.6%) |
| Asia Pacific | $273.8 | $285.4 | ($11.6) | (4.1%) |
| Rest of World | $47.1 | $55.5 | ($8.4) | (15.2%) |
| Total | $2,198.9 | $2,345.7 | ($146.8) | (6.3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,775.0 | |
| Cost of Sales | $2,621.0 | 33.7% |
| Selling and Admin | $2,537.0 | 32.6% |
| R & D | $601.0 | 7.7% |
| Other | $746.0 | 9.6% |
| Net Earnings | $1,270.0 | 16.3% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Medtronic reported FY 3Q21 orthopedic revenue of $740.7 million, -4.5% vs. FY 3Q20. While the timing of Medtronic’s fiscal calendar can sometimes mask market conditions, lagging sales from COVID’s second wave continued to hamper the company through mid-February. Leadership expects sequential improvement through March and April.
Medtronic...
Medtronic reported FY 3Q21 orthopedic revenue of $740.7 million, -4.5% vs. FY 3Q20. While the timing of Medtronic’s fiscal calendar can sometimes mask market conditions, lagging sales from COVID’s second wave continued to hamper the company through mid-February. Leadership expects sequential improvement through March and April.
Medtronic booked a record number of Mazor robotic system sales for the quarter, while its imaging and navigation systems had near-record sales. The company joins Stryker, Zimmer Biomet and Globus in a list of players that set all-time highs for robotic sales to close out the 2020 calendar year. Medtronic believes that this trend points to hospitals preparing for a rapid and robust recovery in 2021.
“We’re also seeing signs that our hospital customers are preparing for a robust recovery. For example, purchases of our capital equipment this past quarter have been notably strong. The use of our capital equipment – such as energy consoles, robotics, and navigation systems – is tied directly to procedures, so it’s telling that hospitals are prioritizing spending on this type of equipment.” – Medtronic CEO Geoffrey Martha
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 3Q21 | FY 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $614.7 | $653.6 | ($38.9) | (6%) |
| Orthobiologics | $126.0 | $122.0 | $4.0 | 3.2% |
| Total | $740.7 | $775.6 | ($35.0) | (4.5%) |
| FY 9m21 | FY 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $1,826.7 | $1,956.7 | ($130.0) | (6.6%) |
| Orthobiologics | $372.2 | $389.0 | ($16.8) | (4.3%) |
| Total | $2,198.9 | $2,345.7 | ($146.8) | (6.3%) |
Geographic Sales
| FY 3Q21 | FY 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $518.0 | $548.6 | ($30.6) | (5.6%) |
| OUS | $222.7 | $227.1 | ($4.4) | (1.9%) |
| EMEA | $107.4 | $110.1 | ($2.7) | (2.5%) |
| Asia Pacific | $96.3 | $97.0 | ($0.7) | (0.7%) |
| Rest of World | $19.0 | $20.0 | ($1.0) | (4.9%) |
| Total | $740.7 | $775.6 | ($35.0) | (4.5%) |
| FY 9m21 | FY 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,576.1 | $1,667.1 | ($91.0) | (5.5%) |
| OUS | $622.8 | $678.6 | ($55.8) | (8.2%) |
| EMEA | $302.0 | $337.7 | ($35.7) | (10.6%) |
| Asia Pacific | $273.8 | $285.4 | ($11.6) | (4.1%) |
| Rest of World | $47.1 | $55.5 | ($8.4) | (15.2%) |
| Total | $2,198.9 | $2,345.7 | ($146.8) | (6.3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,775.0 | |
| Cost of Sales | $2,621.0 | 33.7% |
| Selling and Admin | $2,537.0 | 32.6% |
| R & D | $601.0 | 7.7% |
| Other | $746.0 | 9.6% |
| Net Earnings | $1,270.0 | 16.3% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
