Medtronic reported $7.5 billion in second quarter revenue for the 2019 fiscal year, a 6.1 percent increase over the same period last year.
Here are six things to know:
1. During the second quarter of 2019, U.S. revenue represented 54 percent of all revenue, hitting $4 billion; an 8.3 percent increase over the same period last year. Revenue outside of the U.S. grew 1.8 percent to $2.2 billion, representing 31 percent of revenue. The remaining $1.1 billion in revenue is attributable to emerging markets, which increased 7.3 percent over the same period last year.
2. The restorative therapies group, which includes spine and pain, reported worldwide revenue of nearly $2 billion, a 7 percent increase over the same period last year.
3. Spine sales decreased 0.5 percent in the quarter, with revenue hitting $656 million. However, combined with the sales of enabling technologies in spine, which includes robotics and navigation, the line's revenue was up in the low-single digits.
4. Medtronic's U.S. core spine business revenue increased in the mid-single digits while posterior cervical line revenue grew in the low-single digits. The company recently launched the Infinity OCT System, which drove revenue growth for the quarter.
5. Pain therapies revenue increased 18.9 percent to $314 million in the second quarter, with the pain stimulation line exhibiting strong growth.
6. For 2019 guidance, Medtronic said "out performance in the first half of fiscal year 2019 is allowing the company to absorb incremental expenses, including an increased impact of foreign exchange since the beginning of the fiscal year and expected impacts of China tariffs and the pending Mazor acquisition in the second half of the fiscal year."
"Over the remainder of this fiscal year and into fiscal year 2020, we expect to develop and bring to market a number of innovative new technologies, which will improve the lives of millions of people around the world, help healthcare systems become more efficient and generate significant value for our shareholders," said Chairman and CEO Omar Ishrak.