From increasing revenue growth to shifting spine strategy and FDA approvals, here are seven key Medtronic developments this year:
1. Medtronic reported global revenue increased 37 percent year over year to $8.2 billion, and U.S. revenue jumped 47 percent to $4.2 billion in the fourth quarter of the 2021 fiscal year. Cranial and spinal technologies fourth-quarter revenue was up 50 percent to $1.2 billion, and Medtronic's spine and biologics reported revenue grew more than 40 percent.
2. Medtronic CEO Geoff Martha was encouraged by increased hospital spending on robotic and navigation technologies in recent months. "The use of our capital equipment ... is tied directly to procedures, so it's telling that hospitals are prioritizing spending on this type of equipment," Mr. Martha said.
3. The National Institutes of Health awarded Medtronic and the University of Louisville (Ky.) a $7.8 million grant to study epidural stimulation for the treatment of spinal cord injury. Medtronic will work with scientists from the university to develop software applications for spinal cord injury that integrate with its Intellis spinal cord stimulator system. The project will focus on developing technology to improve control of locomotor and bladder function.
4. Medtronic is doubling down on data, artificial intelligence and machine learning, labelled "the new frontier for medtech," by Mr. Martha. Medtronic is focused on collecting datasets and developing algorithms. "We are doing this in spine with our recent acquisition of Medicrea and its use of data and AI in preoperative planning to create personalized spine implants," he said.
5. Medtronic's patient-specific UNiD Rods were cleared for use with Medtronic's CD Horizon, Solera, Voyager and Infinity OCT spinal systems, which comprise rod, hooks, screws and interbody fusion devices. The registry aims to help surgeons understand which spine procedures work best in certain patients by providing data to guide clinical decision-making.
6. The FDA provided clearance for Medtronic's Vanta, a recharge-free implantable neurostimulator with a battery life of up to 11 years. The device includes AdaptiveStim technology, which automatically adjusts stimulation to maintain each patient's optimal dose, and a data insights system that records patient activity levels to facilitate objective health conversations with clinicians.
7. Medtronic sponsored the American Spine Registry, a collaborative effort between the American Association of Neurological Surgeons and the American Academy of Orthopaedic Surgeons that aims to improve spine surgery outcomes through data.