Following the release of Medtronic's fourth quarter and full-year 2016 financial results, CEO Omar Ishrak said the company plans to restructure its restorative therapies group in an earnings conference call.
Here are six notes:
1. The restorative therapies group, which includes the spine business, reported worldwide fourth quarter revenues of $1.88 billion.
2. Fourth quarter revenue for the spine business was $737 million, which was down 1 percent from the same period last year, despite new product launches.
3. For the fiscal year 2017, the company plans to align the businesses in the restorative therapies group to focus more on the diseases and conditions Medtronic's products serve.
4. The restorative therapies group will also adopt a general manager structure and align its commercial organization with this new structure.
5. Externally, Medtronic will report revenue results for four divisions comprised of spine, brain therapies, neurovascular and neurosurgery as well as pain therapies.
6. Medtronic will report the remaining business, called pelvic health, advanced energy and ENT, externally as the specialty therapies division.