Medtronic reported its spine revenue was up 5.5 percent for the second quarter, hitting $692 million. Combined with its robotic, navigation, imaging and power surgical instruments used in spine, the revenue was up in the high single digits.
The company also reported $16 million in revenue from Titan Spine, a surface technology implant business it acquired earlier this year. During the second quarter earnings call, as transcribed by Seeking Alpha, Geoffrey Martha, president of Medtronic, said that the spine results are the best the company has seen in a "long, long, long time."
"It really is a direct result of the surgical synergy strategy, which has real staying power here and has meaningfully improved the intrinsic value of our spine franchises," said Mr. Martha. "As you pointed out, it's the capital equipment, the Mazor O-arm navigation, significant placements and sales and pull through of the spine implants. It's created a great competitive differentiation and a really nice business model for us."
He did not specify the number of Mazor placements, but said it was meaningfully more than the competition. "When you stack quarter-after-quarter-after-quarter of meaningfully more placements than the competition, our installed base has gotten pretty big, and we've got a lot of momentum here," Mr. Martha said.