May 21–Medical device maker Medtronic Spine on Tuesday reported revenue of $811 million for its fourth quarter, a 1 percent drop from the same period last year.Memphis-based Medtronic Spine is the second-largest division of Medtronic Inc., based in Minneapolis, which reported fourth-quarter revenue of $4.5 billion, a 4 percent gain, or 5 percent adjusting for a negative foreign currency impact.For its fiscal year, which ended April 26, the parent company reported revenue of $16.6 billion, a 3 percent increase, or 5 percent adjusted for foreign currency impacts.Medtronic Spine, which employs about 1,300 people in Memphis and 5,600 worldwide, reported that its fourth quarter earnings were “flat” when adjusted for the impact of foreign currency.It’s “core spine” revenue was flat globally and up 1 percent in the United States while market share grew by two percentage points year-over-year, the firm reported.Core spine “includes a wide range of therapies, implants, fusion systems and surgical instruments used to treat spinal disorders caused by degenerative conditions, trauma, tumors or deformities,” according to a company statement.Medtronic Spine revenue for BMP, a biologic that stimulates bone regrowth, declined 1 percent and revenue from balloon kyphoplasty (BKP) continued to decline, the company reported.Earlier this month, Medtronic Spine officials said the firm will cut about 60 jobs in Memphis as part of a global restructuring of its operations.“We delivered market share gains again in Core Spine and revenue continued to stabilize in our fourth quarter,” Doug King, president of Medtronic Spine, said in a statement.
Medtronic Spine reports flat 4th quarter revenue
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