Medtronic And Titan Medical Sign Licensing, Development Agreements For Robotic Surgeries
Medtronic has agreed to licensing and development agreements with cash-strapped surgical robotics company Titan receiving payments up to $31m pending certain milestones.
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Medtronic's revenue for the fourth quarter of fiscal 2020 was down 25% year-year-over due to the COVID-19 pandemic. The hardest-hit segment was restorative therapies, which reported a 33% year-over-year decline in the quarter due to the drop off in deferrable procedures and capital purchases. For the full fiscal year, Medtronic's revenue was down 4.2% to $28.9bn.
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