Medtronic reported third quarter revenue of $3.9 billion, a 2 percent increase over the same period last year, according to a company news release.
International revenue increased by 7 percent and accounted for 45 percent of Medtronic's worldwide revenue. Revenue from the international spine business grew by 7 percent as well, but core spine revenue decreased by 6 percent to $596 million.
Biologics revenue declined by 20 percent, driven by floundering U.S. sales of Infuse, the company's recombinant bone morphogenic protein product. The decline was partially offset by other biologics sales.
The company's neuromodulation business reported a 4 percent increase to $419 million. The growth was driven by strong InterStim Therapy sales. During the third quarter, the company received FDA clearance for the RestoreSensor spinal cord stimulator with the proprietary AdaptiveStim technology.
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Biologics revenue declined by 20 percent, driven by floundering U.S. sales of Infuse, the company's recombinant bone morphogenic protein product. The decline was partially offset by other biologics sales.
The company's neuromodulation business reported a 4 percent increase to $419 million. The growth was driven by strong InterStim Therapy sales. During the third quarter, the company received FDA clearance for the RestoreSensor spinal cord stimulator with the proprietary AdaptiveStim technology.
Related Articles on Orthopedic Devices:
Global Orthopedic Device Market to Reach $61.3B by 2017
ArthroCare Revenues Down in 2011
Orthopedic Market Continues to Stabilize