Medtronic reported fourth quarter revenue increased 2 percent to $30.5 billion, however the spine business experienced a slight decline.
Four things to know:
1. Fourth quarter spine revenue hit $691 million, a 1.1 percent decrease year over year. When combining the spine sales with sales-related to enabling technologies — Medtronic's robotics, navigation, imaging and powered surgical instruments — spine-related revenue increased in the mid-single digits.
2. For the fourth quarter, the U.S. core spine revenue increased by the low-double digits and cervical spine products reported a mid-single digit year-over-year growth. The growth in the cervical line was driven by product launches; Medtronic launched the Infinity OCT during the quarter and reported growth in Prestige LP cervical disc revenue.
3. The brain therapies line experienced 9.7 percent year-over-year increase in revenue to $737 million, driven by capital equipment sales of the company's spinal robotic guidance system Mazor X and the StealthStation S8 surgical navigation system, among others.
4. Medtronic reported full year revenue growth of 2 percent to $30.5 billion. The company expects 4 percent revenue growth for the 2020 fiscal year.
"We expect our revenue growth to accelerate over the course of the fiscal year 2020 and into fiscal year 2021, driven by the anniversary of recent headwinds, combined with a series of major product launches over the next 12 months," said Chairman and CEO Omar Ishrak.