Medtronic's cranial and spine technologies division saw a slight revenue decrease in the second quarter of the 2022 fiscal year, and the company earned $7.84 billion in total revenue.
The financial results were posted Nov. 23.
Five things to know:
1. Cranial and spinal technology business saw revenue of $1.07 billion, down 1 percent compared to the same period last year.
2. Spine and biologics decreased at a mid-single-digit percentage, and neurosurgery grew at a high single-digit percentage year over year. The company noted continued strong sales for Medtronic's surgical robots including Midas Rex, StealthStation and O-arm imaging.
3. U.S. revenue was nearly $4 billion, a 1 percent decrease year over year. Non-U.S. revenue was $2.48 billion, a 1 percent increase year over year.
4. Medtronic's neuromodulation business revenue grew 6 percent to $435 million. Brain modulation grew at a mid-20s percentage, driven by the launch of the Percept PC and SenSight deep brain stimulation systems. Pain therapy business decreased at a mid-single-digit percentage.
5. Medtronic adjusted its earnings guidance and expects a 7 percent to 8 percent increase in total revenue in fiscal 2022. It previously projected a 9 percent increase.
"Our second quarter results reflect focused execution of our strategy and the strong underlying health of the business, despite the market impact of the pandemic resurgence and healthcare system staffing challenges on medical procedure volumes, particularly in the U.S., which affected our quarterly revenue growth," CEO Geoff Martha said.