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Medtronic reported FY 4Q21 orthopedic revenue of USD $780.8 million, +44.7% vs. FY 4Q20, with full-year FY 2021 revenue of $2,979.7 million, +3.3% vs. 2020. The company estimates that it took share in its Cranial and Spine division while continuing to outsell Globus Medical in robotics. Medtronic said its strategy of surrounding the procedure with enabling technology is paying off, resulting in record sales for “our StealthStation navigation systems O-arm imaging systems, Midas Rex capital and advanced energy products.”
With its established markets nearing the inflection point for vaccination, the company expects its Cranial and Spine business to grow between 10% and 11% for FY 2022.
“We’re nearing a full recovery, with each month of the quarter better than the prior month. That continued to improve and accelerate into May, largely driven by the U.S. market, where we’re anywhere from 85% to over 100% of pre-COVID levels. China’s pretty much back to normal totally and Western Europe if you look at that as one market, that is lagging behind the U.S. The harder one to peg down is the emerging markets. I mean places like India where the virus is still raging, southeast — other parts of Southeast Asia, Latin America, they don’t have the same infrastructure even when they get the vaccine and there’s a lot of people.” – 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 4Q21 | FY 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $685.4 | $466.3 | $219.1 | 47% |
| Orthobiologics | $95.4 | $73.3 | $22.1 | 30.1% |
| Total | $780.8 | $539.5 | $241.2 | 44.7% |
| FY 21 | FY 20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $2,512.1 | $2,423.0 | $89.1 | 3.7% |
| Orthobiologics | $467.6 | $462.3 | $5.3 | 1.1% |
| Total | $2,979.7 | $2,885.3 | $94.4 | 3.3% |
Geographic Sales
| FY 4Q21 | FY 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $554.3 | $369.2 | $185.2 | 50.2% |
| OUS | $226.4 | $170.4 | $56.0 | 32.9% |
| EMEA | $101.5 | $80.9 | $20.6 | 25.4% |
| Asia Pacific | $101.5 | $70.1 | $31.4 | 44.7% |
| Rest of World | $23.4 | $19.3 | $4.1 | 21.3% |
| Total | $780.8 | $539.5 | $241.2 | 44.7% |
| FY 21 | FY 20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $2,130.5 | $2,036.3 | $94.2 | 4.6% |
| OUS | $849.2 | $849.0 | $0.3 | 0% |
| EMEA | $403.5 | $418.6 | ($15.2) | (3.6%) |
| Asia Pacific | $375.3 | $355.5 | $19.7 | 5.6% |
| Rest of World | $70.5 | $74.9 | ($4.3) | (5.8%) |
| Total | $2,979.7 | $2,885.3 | $94.4 | 3.3% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,188.0 | |
| Cost of Sales | $2,652.0 | 32.4% |
| Selling and Admin | $2,594.0 | 31.7% |
| R & D | $632.0 | 7.7% |
| Other | $949.0 | 11.6% |
| Net Earnings | $1,361.0 | 16.6% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Medtronic reported FY 4Q21 orthopedic revenue of USD $780.8 million, +44.7% vs. FY 4Q20, with full-year FY 2021 revenue of $2,979.7 million, +3.3% vs. 2020. The company estimates that it took share in its Cranial and Spine division while continuing to outsell Globus Medical in robotics. Medtronic said its strategy of surrounding the procedure...
Medtronic reported FY 4Q21 orthopedic revenue of USD $780.8 million, +44.7% vs. FY 4Q20, with full-year FY 2021 revenue of $2,979.7 million, +3.3% vs. 2020. The company estimates that it took share in its Cranial and Spine division while continuing to outsell Globus Medical in robotics. Medtronic said its strategy of surrounding the procedure with enabling technology is paying off, resulting in record sales for “our StealthStation navigation systems O-arm imaging systems, Midas Rex capital and advanced energy products.”
With its established markets nearing the inflection point for vaccination, the company expects its Cranial and Spine business to grow between 10% and 11% for FY 2022.
“We’re nearing a full recovery, with each month of the quarter better than the prior month. That continued to improve and accelerate into May, largely driven by the U.S. market, where we’re anywhere from 85% to over 100% of pre-COVID levels. China’s pretty much back to normal totally and Western Europe if you look at that as one market, that is lagging behind the U.S. The harder one to peg down is the emerging markets. I mean places like India where the virus is still raging, southeast — other parts of Southeast Asia, Latin America, they don’t have the same infrastructure even when they get the vaccine and there’s a lot of people.” – 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 4Q21 | FY 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $685.4 | $466.3 | $219.1 | 47% |
| Orthobiologics | $95.4 | $73.3 | $22.1 | 30.1% |
| Total | $780.8 | $539.5 | $241.2 | 44.7% |
| FY 21 | FY 20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $2,512.1 | $2,423.0 | $89.1 | 3.7% |
| Orthobiologics | $467.6 | $462.3 | $5.3 | 1.1% |
| Total | $2,979.7 | $2,885.3 | $94.4 | 3.3% |
Geographic Sales
| FY 4Q21 | FY 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $554.3 | $369.2 | $185.2 | 50.2% |
| OUS | $226.4 | $170.4 | $56.0 | 32.9% |
| EMEA | $101.5 | $80.9 | $20.6 | 25.4% |
| Asia Pacific | $101.5 | $70.1 | $31.4 | 44.7% |
| Rest of World | $23.4 | $19.3 | $4.1 | 21.3% |
| Total | $780.8 | $539.5 | $241.2 | 44.7% |
| FY 21 | FY 20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $2,130.5 | $2,036.3 | $94.2 | 4.6% |
| OUS | $849.2 | $849.0 | $0.3 | 0% |
| EMEA | $403.5 | $418.6 | ($15.2) | (3.6%) |
| Asia Pacific | $375.3 | $355.5 | $19.7 | 5.6% |
| Rest of World | $70.5 | $74.9 | ($4.3) | (5.8%) |
| Total | $2,979.7 | $2,885.3 | $94.4 | 3.3% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,188.0 | |
| Cost of Sales | $2,652.0 | 32.4% |
| Selling and Admin | $2,594.0 | 31.7% |
| R & D | $632.0 | 7.7% |
| Other | $949.0 | 11.6% |
| Net Earnings | $1,361.0 | 16.6% |
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.
