Medtronic reported a 2.3 percent increase in overall revenue for the third quarter of the 2020 fiscal year, hitting $7.7 billion.
Seven things to know:
1. The company reported a $21 million revenue contribution from Titan Spine, a 2019 acquisition.
2. Medtronic's restorative therapies group, including brain, spine and pain therapies, reported $2.1 billion in third quarter revenue, a 4.2 percent increase. This growth is lower than expected due to changing "customer buying patterns" of bone morphogenetic protein and spine market slowdown.
3. In the third quarter, Medtronic reported spine revenue was up nearly 3 percent to $674 million; on an organic basis, the company's revenue was down 0.2 percent.
4. Together with the Medtronic sales of enabling technologies used in spine surgery, including robotics, navigation and imaging, the core spine and U.S. core spine revenue was up in the mid-single digits. BMP sales were down by the high-single digits.
5. The brain therapies revenue was up 8.6 percent with strong growth reported for systems including the StealthStation S8 surgical navigation systems and Mazor X Stealth Edition robotic guidance system.
6. Medtronic estimates fourth quarter organic revenue will grow 4.5 percent.
7. The company said COVID-19, the disease caused by the coronavirus, is expected to negatively affect fourth quarter results, although it did not estimate the exact impact. "The company continues to monitor and assess business impact daily and will provide an update later in the quarter," according to Medtronic's financial report.