Medtronic's fourth quarter preliminary report is outpacing estimates.
The company is reporting results for the first time since the Covidien acquisition, and full financial results are expected on June 2, which is two weeks later than the normal reporting date.
Here are 10 key notes from the financial report:
1. The worldwide revenue is reported at around $7.3 billion, growing 7 percent on a comparable constant currency basis; growth was 60 percent as reported.
2. The United States revenue is around $4.1 billion, an 8 percent growth.
3. Fourth quarter non-United States development market revenue was $2.3 billion, a 5 percent increase.
4. Emerging market revenue in the fourth quarter is up 11 percent to around $927 million.
5. The spine revenue was around $743 million, a 2 percent decline over the same period last year.
6. Core spine and innovation revenue declined in the low-single digits, which offset low single-digit growth in bone morphogenetic protein revenue.
7. The core spine business is currently differentiating itself from the competition over the long-term through leading technology and procedural innovation and enhanced by its Surgical Synergy program, including imaging, navigation and powered surgical instruments.
8. Neuromodulation revenue was around $518 million, a 6 percent growth.
9. Medtronic updated expectations that the fourth quarter adjusted earnings per share would be in the upper half of the previously reported range: $1.08 to $1.13.
10. The foreign exchange is a continued challenge for Medtronic, as well as other multinational companies. The United States dollar weakened, but it's important to note foreign exchange rates in the fourth quarter were below rates assumed in the outlook forecasted in the third quarter earnings call.