Healthcare DIVE November 24, 2021
Dive Brief:
- Medtronic on Tuesday announced second quarter revenue of $7.8 billion, an increase of 2% on an organic basis, missing the consensus Wall Street forecast of about $8 billion.
- On a conference call, CEO Geoff Martha said the company’s revenue was negatively impacted by a COVID-19 resurgence and healthcare system staffing shortages, particularly in the U.S. Martha told investors procedure volumes were “lighter than expected” in markets where Medtronic’s products are “used in more deferrable procedures like our spine business” and those that “require ICU capacity” such as transcatheter aortic valve replacement procedures.
- Medtronic reduced its fiscal year 2022 revenue guidance, with organic growth now expected to be approximately 7% to 8%, down from the previous 9%. CFO...
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Topics: Medical Devices