For the first quarter of the 2020 fiscal year, Medtronic reported 1.5 percent revenue increase.
The company's spine line was up 0.9 percent for the quarter, hitting $658 million. It also reported increased Infuse sales on a constant currency basis and is looking ahead to continue making inroads in robotics and navigation in the future.
Medtronic reported 20 percent growth of the StealthStation navigation system in the first quarter. The O-arm surgical imaging system grew 30 percent in the first quarter. "We think that the whole enabling technology and robotic strategy is where the market is going," said Geoffrey Martha, executive vice president and group president of Restorative Therapies during the first quarter earnings call, as transcribed by Seeking Alpha. "It's going to cause the market to consolidate around a few players and we intend to lead that and take share now and going forward."
The standalone Stealth system for spine and neurosurgery as well as Medtronic's O-arm sales grew more than 20 percent for the quarter. "These are the products that have been in the market for a while and I think this is the impact of having a larger capital sales force and a lot of excitement around these products," said Mr. Martha. He declined to report the number of units sold, but said he was excited about the growth.
The U.S. spine business grew at 6 percent for the quarter, and its spine division grew 4.7 percent. "This is how our competitors report and it represents a strong indication that our strategy of offering our enabling capital equipment with our spine implants is working, as we are growing well above the spine market growth," said Chairman and CEO Omar Ishrak.
Mr. Martha said the integration of Titan Spine, which Medtronic acquired earlier this year, is going well and its surface technology platform can apply to the broader spine portfolio. The company also appointed a general manager to drive the biologics business about 18 months ago and since then he has invested in Infuse as well as the broader biologics portfolio.
At the North American Spine Society Annual Meeting, Medtronic aims to launch multiple products, including a corpectomy device.