Medtronic reported $7.5 billion in third quarter revenue, a 2.4 percent increase companywide.
Six things to know:
1. For the third quarter of Medtronic's 2019 fiscal year, which ended Jan. 25, the company reported $4 billion in U.S. revenue, which represents 53 percent of all company revenue. U.S. revenue increased 2.3 percent year over year, while non-U.S. developed market revenue was up 0.6 percent to $2.3 billion. Emerging market revenue jumped 6.8 percent to $1.17 billion.
2. Medtronic's restorative therapies group, which includes spine, brain and pain therapies, reported $2 billion in revenue, a 4.2 percent increase year over year. Results were flat among the spine division.
3. Spine revenue hit $655 million for the quarter, a 0.9 percent decrease. However, combined with the company's enabling technology sales that are used in spine surgery but recognized under the brain therapies division, including robotics, navigation and imaging, the global spine and U.S. core spine revenue were up in the mid-single digits.
4. Medtronic's posterior cervical line revenue's mid-teen growth was driven by the Infinity OCT System.
5. The company's neurosurgery division reported strong capital equipment sales of StealthStation S8 surgical navigation, O-arm surgical imaging systems and Mazor X robotic guided spine surgery system.
6. Medtronic updated organic growth guidance to a range of 5.25 percent to 5.5 percent for the full 2019 fiscal year. The company also increased free cash flow guidance to $5 billion to $5.2 billion.
"We continue to make progress on our robust and exciting pipeline, which contains more opportunities for growth than any time in our company's history," said Medtronic CEO Omar Ishrak. "We expect this forthcoming innovation to disrupt existing markets and invent new markets, all with the goal of creating significant value for patients, physicians, healthcare systems and for our shareholders."