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Medtronic reported FY 4Q24 orthopedic sales of $897.1 million, up 7% compared to the fiscal fourth quarter of 2023. For the company’s fiscal 2024, it generated $3.38 billion in orthopedic sales, growing 6.8% compared to the prior year.
The company cited “outstanding” capital sales in the quarter, with double-digit revenue growth in Mazor Robotics, StealthStation navigation, O-arm Imaging and powered surgical instruments. Pull through from those technologies drove above-market implant and biologics sales.
According to Medtronic, the combination of differentiated implants, biologics and technology is a winning formula in the spine market. Company CEO Geoffrey Martha said that technology is changing the competitive landscape of the spine market.
“Accounts are making investments in a company now,” he said. “The Medtronic ecosystem, AiBLE, versus some other ecosystem. There’s not many out there. It’s changing the industry structure because building these ecosystems takes a lot of expertise and capital. You don’t have this long tail of tiny spine companies that are preying on docs. Those are going away.”
For its fiscal 2025, the company expects organic growth between 4% and 5% for its Cranial and Spinal Technologies business.
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 | FY 4Q24 | FY 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $629.1 | $591.8 | $37.3 | 6.3% |
| Orthobiologics | $127.7 | $116.7 | $11.0 | 9.4% |
| Enabling Technology | $52.9 | $47.1 | $5.7 | 12.2% |
| Other | $87.4 | $82.4 | $5.0 | 6.1% |
| Total | $897.1 | $838.1 | $59.0 | 7% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $2,360.0 | $2,208.3 | $151.7 | 6.9% |
| Orthobiologics | $528.8 | $488.3 | $40.4 | 8.3% |
| Enabling Technology | $161.9 | $149.9 | $12.0 | 8% |
| Other | $334.5 | $324.4 | $10.1 | 3.1% |
| Total | $3,385.2 | $3,170.9 | $214.3 | 6.8% |
Orthopedic Sales by Geography
| Region | FY 4Q24 | FY 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $645.9 | $598.1 | $47.8 | 8% |
| OUS | $251.2 | $240.0 | $11.2 | 4.7% |
| EMEA | $114.4 | $109.0 | $5.4 | 5% |
| APAC | $105.4 | $100.6 | $4.8 | 4.8% |
| ROW | $31.4 | $30.4 | $1.0 | 3.2% |
| Total | $897.1 | $838.1 | $59.0 | 7% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,483.7 | $2,322.4 | $161.2 | 6.9% |
| OUS | $901.5 | $848.4 | $53.1 | 6.3% |
| EMEA | $425.8 | $400.2 | $25.6 | 6.4% |
| APAC | $375.5 | $356.9 | $18.6 | 5.2% |
| ROW | $100.3 | $91.4 | $8.9 | 9.7% |
| Total | $3,385.2 | $3,170.9 | $214.3 | 6.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,589.0 | |
| Cost of Sales | $3,044.0 | 35.4% |
| Selling and Admin | $2,765.0 | 32.2% |
| R & D | $675.0 | 7.9% |
| Other | $1,451.0 | 16.9% |
| Net Earnings | $654.0 | 7.6% |
Medtronic reported FY 4Q24 orthopedic sales of $897.1 million, up 7% compared to the fiscal fourth quarter of 2023. For the company's fiscal 2024, it generated $3.38 billion in orthopedic sales, growing 6.8% compared to the prior year.
The company cited "outstanding" capital sales in the quarter, with double-digit revenue growth in Mazor...
Medtronic reported FY 4Q24 orthopedic sales of $897.1 million, up 7% compared to the fiscal fourth quarter of 2023. For the company’s fiscal 2024, it generated $3.38 billion in orthopedic sales, growing 6.8% compared to the prior year.
The company cited “outstanding” capital sales in the quarter, with double-digit revenue growth in Mazor Robotics, StealthStation navigation, O-arm Imaging and powered surgical instruments. Pull through from those technologies drove above-market implant and biologics sales.
According to Medtronic, the combination of differentiated implants, biologics and technology is a winning formula in the spine market. Company CEO Geoffrey Martha said that technology is changing the competitive landscape of the spine market.
“Accounts are making investments in a company now,” he said. “The Medtronic ecosystem, AiBLE, versus some other ecosystem. There’s not many out there. It’s changing the industry structure because building these ecosystems takes a lot of expertise and capital. You don’t have this long tail of tiny spine companies that are preying on docs. Those are going away.”
For its fiscal 2025, the company expects organic growth between 4% and 5% for its Cranial and Spinal Technologies business.
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 | FY 4Q24 | FY 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $629.1 | $591.8 | $37.3 | 6.3% |
| Orthobiologics | $127.7 | $116.7 | $11.0 | 9.4% |
| Enabling Technology | $52.9 | $47.1 | $5.7 | 12.2% |
| Other | $87.4 | $82.4 | $5.0 | 6.1% |
| Total | $897.1 | $838.1 | $59.0 | 7% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $2,360.0 | $2,208.3 | $151.7 | 6.9% |
| Orthobiologics | $528.8 | $488.3 | $40.4 | 8.3% |
| Enabling Technology | $161.9 | $149.9 | $12.0 | 8% |
| Other | $334.5 | $324.4 | $10.1 | 3.1% |
| Total | $3,385.2 | $3,170.9 | $214.3 | 6.8% |
Orthopedic Sales by Geography
| Region | FY 4Q24 | FY 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $645.9 | $598.1 | $47.8 | 8% |
| OUS | $251.2 | $240.0 | $11.2 | 4.7% |
| EMEA | $114.4 | $109.0 | $5.4 | 5% |
| APAC | $105.4 | $100.6 | $4.8 | 4.8% |
| ROW | $31.4 | $30.4 | $1.0 | 3.2% |
| Total | $897.1 | $838.1 | $59.0 | 7% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,483.7 | $2,322.4 | $161.2 | 6.9% |
| OUS | $901.5 | $848.4 | $53.1 | 6.3% |
| EMEA | $425.8 | $400.2 | $25.6 | 6.4% |
| APAC | $375.5 | $356.9 | $18.6 | 5.2% |
| ROW | $100.3 | $91.4 | $8.9 | 9.7% |
| Total | $3,385.2 | $3,170.9 | $214.3 | 6.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,589.0 | |
| Cost of Sales | $3,044.0 | 35.4% |
| Selling and Admin | $2,765.0 | 32.2% |
| R & D | $675.0 | 7.9% |
| Other | $1,451.0 | 16.9% |
| Net Earnings | $654.0 | 7.6% |
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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.
