Medtronic’s latest financial results included the strongest performance for the company’s Memphis-based spine division in seven years. Medtronic plc (NYSE: MDT) announced its financial results for the third quarter of its fiscal year, which ended January 27, 2017.
The company reported third-quarter worldwide revenue of $7.28 billion, an increase of 5 percent. Third-quarter net income was $821 million, with diluted earning per share of $0.59. Those numbers represented decreases of 25 percent and 23 percent, respectively.
The company’s Restorative Therapies Group (RTG), which includes the spine division, had worldwide revenue of $1.8 billion. Group results were driven by high single-digit growth in brain therapies, mid single-digit growth in speciality therapies and low single-digit growth in spine, which offset declines in pain therapies.
Spine revenue was $657 million, an increase of 3 percent. Core spine grew in the low single-digits, with the focus on “Speed-to-Scale” new product launches continuing to drive improved results. Bone morphogenetic proteins (BMP) also grew in the low single-digits.
“Spine delivered a strong global performance, with year-over-year revenue growth in every region,” said Doug King, senior vice president and president of Medtronic Spine. “This represents our strongest performance in over seven years, and while we are pleased with the business results, we take great pride in fulfilling our mission ‘to alleviate pain, restore health and extend life,’ through our innovative technologies and procedural solutions.”