Medtronic saw $7.4 billion in revenue in the first quarter of fiscal year 2023, according to results posted Aug. 23.
Six things to know:
1. Total revenue decreased 8 percent year over year.
2. U.S. revenue, which is 51 percent of total sales, was $3.8 billion. International revenue was $2.3 billion, falling 10 percent from the previous year.
3. Cranial and spinal technologies had a 7 percent decrease, with $1 billion in sales.
4. The full neuroscience segment decreased 4 percent, with $2.1 billion revenue.
5. Medtronic maintains its guidance for fiscal year 2023 and expects full-year revenue to grow 4 to 5 percent.
6. Medtronic CEO Geoff Martha said: "The company continues to execute in a challenging environment, delivering organic revenue above our guidance. As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth."