Medtronic reported revenue growth in the fourth quarter of the fiscal year.
Here are five things to know:
1. Medtronic's fourth quarter revenue hit $7.9 billion, up 5 percent from the same period last year. U.S. revenue represented 56 percent of the overall company revenue, a 4 percent increase year-over-year. U.S. revenue hit $4.4 billion, while the non-U.S. development market revenue was $2.4 billion, accounting for 31 percent of the company's revenue.
2. Spine fourth quarter revenue hit $676 million, a 3 percent increase over last year. The Bone morphogenetic protein business line grew in the low-double digits and the core spine line's revenue was up in the low-single digits. The growth was driven by the company's "speed-to-scale" focus on new product launches.
3. Pain therapies revenue decreased 2 percent to $294 million and reported mid-single digit declines in the spinal cord stimulation revenue.
4. For the 2017 fiscal year, Medtronic's revenue increased 3 percent to $29.7 billion.
5. Over the 2018 fiscal year, Medtronic expects 4 to 5 percent revenue growth. "We are creating distinct competitive advantages and capitalizing on the long-term trends in healthcare, namely the desire to improve outcomes; the growing demand for expanded access to care; and the optimization of cost and efficiency within healthcare systems," said Medtronic CEO Omar Ishrak. "These trends, along with an aging population in most countries, produce secular growth tailwinds that we believe represent sustainable, long-term opportunities for Medtronic."