Medtronic's fiscal year 2023 revenue dips 1.4%: 5 notes

Spinal Tech

Medtronic on May 25 posted sales of $31.2 billion for fiscal year 2023 and $8.5 billion in the fourth quarter.

1. Fourth-quarter sales for fiscal year 2023 grew 5.6 percent, according to a news release. The results come from strong performances in cardiovascular, medical-surgical and neuroscience business, Medtronic said.

2. Full-year sales were down 1.4 percent, which the company said was a result of "continued unfavorable macroeconomic impact of foreign currency translation and inflation."

3. Medtronic's neuroscience portfolio saw $2.4 billion in sales in the fourth quarter, a 4.8 percent year-over-year increase. Cranial and spinal technologies saw a 2.8 percent increase year over year with $1.2 billion in revenue.

4. Medtronic projects its fiscal year 2024 sales to grow 4 percent to 4.5 percent.

5. The company also said it plans to acquire EOFlow, a company known for its EO Patch for insulin delivery.  

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