Medtronic (MDT) announced financial results for Q2’13. The bottom line? $4.194 billion in revenue, with net earnings at $902 million. Innovative products, such as deep brain stimulation and the artificial pancreas, gave the company a leg up.
Its Cardiac and Vascular Group made up $2.199 billion of that revenue, according to a company statement. Cardiac rhythm disease management revenue represented more than half of that revenue. Small boosts in ICDs and pacemakers made that possible. The CoreValve (which recently heard promising news from the FDA) drove global growth of the company’s structural heart revenue, according to the company statement. Neuromodulation and surgical tech also saw growth, which offset a downward trend in the medical device company’s spine revenue:
Spine revenue of $746 million declined 3 percent on a constant currency basis or 5 percent as reported. Core Spine revenue of $636 million decreased 1 percent on a constant currency basis. The Thoracolumbar, Cervical, and Other Biologic product lines all grew this quarter, both globally and in the U.S., driven by procedural innovation and new technologies. This was offset by declines in Balloon Kyphoplasty and Interbody devices. BMP revenue of $110 million declined 17 percent on a constant currency basis.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Medtronic’s groundbreaking artificial pancreas, launched late in the quarter, may have helped the company grow its diabetes revenue to $393 million. It will be interesting to see its affect on a full quarter.
“Our second quarter revenue growth was in line with our outlook for the year, and we are performing at or better than the market in almost every one of our business lines,” CEO Omar Ishrak said in a company statement. “This quarter also represented another quarter where our overall organization delivered consistent, dependable growth, with strong performances in some areas offsetting challenges in other parts of our business.”
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