Medtronic released its 2017 fiscal year integrated performance report, showing the restorative therapies group which includes the company's spine business reported $7.4 billion in sales last year.
Here are five highlights from the report:
1. The company spent 7.4 percent — $2.2 billion — on research and development. Medtronic also launched Medtronic Labs, a new initiative to deliver financially sustainable businesses aimed at expanding access to healthcare and reducing inequality in emerging markets.
2. Medtronic donated $101.8 million to charitable causes last year through corporate cash contributions given through Medtronic Foundation as well as product donations and employee volunteering.
3. The company made a commitment to employees, spending $76 million on training and development programs, as well as the environment. Medtronic reached early achievement of its four 2020 Environmental Performance Goals, which reduced energy, emission, waste and water.
4. Medtronic achieved record revenue last year, $29.7 billion, by focusing on its pipeline of products and services as well as expanding its global reach. "Extending our existing therapies into emerging markets represents the greatest opportunity for our business," according to the report.
5. Medtronic is venturing into telehealth, launching Beacon to serve as a new service for high-risk heart failure patients with the Medtronic ICD and cardiac resynchronization therapy.