Medtronic released an earnings report on Feb. 18 for the third quarter of fiscal year 2020, showing modest year-over-year revenue gains.
Four things to know:
1. The healthcare technology company reported $7.7 billion in global revenue for the three-month period ending Jan. 24. That total represents annual growth of 2.3 percent, led by more than 4 percent growth in its restorative therapies business.
2. In the U.S., Medtronic saw revenue gains of just 0.5 percent, to $4 billion, representing about 52 percent of the company's total revenue.
3. U.S. revenues were also led by about 4 percent growth in the restorative therapies group, while the minimally invasive therapies business reported 0.4 percent year-over-year growth. Both the cardiac and vascular group and diabetes group reported losses in revenue.
4. The quarter was a busy one for Medtronic: During the third quarter of its 2020 fiscal year, the company announced plans to acquire chronic pain treatment technology company Stimgenics, finalized its acquisition of artificial intelligence-enabled analytics software company Klue and formed a health IT partnership with Wilmington, Del.-based ChristianaCare.
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