Medtronic reported a nearly 3 percent increase in worldwide revenue for the fourth quarter of fiscal year 2018, reaching $8.1 billion.
However, the company's full year revenue was flat with 0.8 percent growth to $30 billion. Here are five things to know.
1. U.S. revenue hit nearly $4.2 billion in the fourth quarter, representing 52 percent of the company's revenue. U.S. revenue was down 4.9 percent for the quarter, but non-U.S. revenue was up 10.8 percent. The company also reported quarterly success in emerging markets, with revenue increasing 15 percent to $1.2 billion.
2. Medtronic reported it paid a $1.1 billion pre-payment to the IRS related to in-process litigation on Puerto Rico transfer pricing. The company made the payment to "eliminate the timing uncertainty of the cash outflow, as well as stop the accrual of significant interest."
3. For the fourth quarter, spine revenue was up 3.4 percent, driven by high single-digit constant currency growth in the bone morphogenetic protein line. However, the core spine line reported low single-digit revenue decreases.
4. In the second half of fiscal year 2018, Medtronic reported 6.5 percent organic revenue growth.
5. Medtronic expects fiscal year 2019 revenue growth at 4 percent to 4.5 percent, with exchange rates negatively affecting the company by $50 million to $150 million.