Medtronic saw increases in its worldwide revenue and neuroscience sales during the third quarter of fiscal year 2022, according to financial results posted Feb. 22.
Six things to know
1. Worldwide revenue was $7.8 billion, up 2 percent year-over-year.
2. Medtronic's neuroscience portfolio, which includes cranial and spinal technologies, specialty therapies and neuromodulation, saw $2.1 billion in sales. That's a 1 percent increase from the same time last year.
3. Cranial and spinal technologies hit a revenue of $1.1 billion, increasing 2 percent from the same time last year. Spine and biologics products saw revenue increases in the high single digits.
4. Neuromodulation saw a 4 percent year-over-year decrease in revenue with $409 million.
5. In the fourth quarter of fiscal year 2022, Medtronic expects to see organic revenue growth of 5.5 percent year-over-year.
6. "We are starting to see procedure volumes improve, and our outlook assumes continued recovery through March and April," Medtronic CFO Karen Parkhill said in a news release. "By the time we exit the fourth quarter, we expect procedure volumes in most of our markets to be back to pre-COVID levels."