(Memphis Business Journal)–After seeing its strongest performance in seven years, the Memphis division of an Ireland-based medical technology company continue to grow. Medtronic announced financial results May 25 for the fourth quarter and the 2017 fiscal year, which ended April 28.The company reported fourth quarter worldwide revenue of $7.9 billion, compared to $7.5 billion in the fourth quarter of fiscal year 2016, an increase of 5 percent. Fourth quarter U.S. revenue was $4.4 billion and represented 56 percent of the company’s overall revenue.Net income for the quarter was $1.836 billion, with diluted earnings per share of $1.33.Medtronic’s Restorative Therapies Group (RTG), which includes the Brain Therapies, Specialty Therapies and Pain Therapies divisions, as well as the Memphis-based Spine division, grew 5 percent.The Memphis-based Spine division’s revenue of $676 million was an increase of 3 percent.
“Medtronic Spine delivered another strong quarter of growth for the fourth quarter,” Doug King, senior vice president and president of Medtronic Spine, said in a statement. “Our new product pipeline has had great response from customers. We continue to differentiate by launching complete procedural solutions at a large enough scale to impact the market. In addition, our Surgical Synergy program is gaining traction through bundling, enabling technologies like navigation systems with our implants and instruments to improve outcomes.”
During the earnings conference call, chairman and CEO of Medtronic Omar Ishrak said the company made progress in each of its growth strategies.
“We delivered record revenue of $29.7 billion, growing approximately 5 percent, in the mid-single digits for the fifth consecutive year,” Ishrak said. “But most importantly in fiscal year 17, together with our physician partners, we served 70 million patients – more patients, in more places around the world, than in any year in our history. It is incredible that two patients around the world are benefitting from Medtronic therapies and services every second.”