Cardiovascular Divisions Boost Medtronic's FYQ2 Top-Line As Hurricane Recovery Continues
Medtronic's revenue of $7.1bn for the second fiscal quarter of 2018 was down 4% year-over-year on an as-reported basis, but up 4% on a comparable constant-currency basis. –It would have been even greater if not for the hurricane that hindered manufacturing operations in Puerto Rico, the company reported Nov 21.
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The numbers of medical device approvals were up in most regions outside the US and the biggest surge, by percentage, was in approvals from emerging markets and the so-called BRIC countries. It remains to be seen if the trend will continue in 2018, but many companies are already counting on important non-US approvals coming in the next year.
Recovery from the hurricane, which devastated four Medtronic facilities located on Puerto Rico, is projected to cost $50m to $60m, according to a preliminary second-quarter earnings estimate from the firm. Last month, the company suggested costs could be as high as $250m.