Medtronic's cranial and spine technologies division grew 19 percent year-over-year in the first quarter of the 2022 fiscal year, and the company's total revenue hit $8 billion.
The financial results were posted Aug. 24.
Five things to know:
1. Cranial and spinal technology business saw a revenue of $1.1 billion, up 19 percent compared to the same period last year.
2. Spine and biologics grew in the low double-digit percentage, and neurosurgery grew in the low twenties percentage-wise year over year. The company noted the growing adoption of Medtronic's surgical robots including Mazor, StealthStation and O-arm imaging.
3. U.S. revenue was $4.1 billion, a 22 percent increase year over year. Non-U.S. revenue was $2.6 billion, a 20 percent increase year over year.
4. Medtronic's cranial and spinal technologies, surgical innovation and cardiac rhythm management segments saw the largest gains in the first quarter, CEO Geoff Martha said.
"Looking ahead, we have some big opportunities in front of us, with near-term milestones in both our renal denervation and surgical robotics businesses," he said.
5. Medtronic adjusted its earnings guidance and expects a 9 percent increase in total revenue in fiscal 2022.