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Orthopedic and Dental Industry News Complete Archive »

Medtronic Reports Better-than-Expected Spine Sales BY LAUREN UZDIENSKI, NOVEMBER 22, 2011

Medtronic announced sales from its second fiscal quarter this morning, and spine's performance was generally better than most analysts anticipated. Spine sales declined by 3% on a constant currency basis to $839 million. Core Spinal contributed $631 million and declined by 3% during the quarter, while biologics contributed $208 million and declined by 4% during the quarter.

On the call, Medtronic attributed the slowdown in biologics to INFUSE, sales of which declined by 16%. The company said this was similar to the decline in sales that followed the June edition of the Spine Journal. However, the company noted double-digit sequential growth in other biologics segments, with Osteotech contributing $26 million to F2Q:12 sales.

Addressing the overall spine market, the company said that worldwide growth remains in the low single-digits. The company added that in the U.S., mid-single-digit pricing declines continued to offset low single-digit procedure and mix growth.

Medtronic reported total revenues for the quarter of $4.1 billion, up 6% as reported and up 3% when excluding the effects of currency. Sales beat estimates by $61 million. Net income for F2Q:12 was $898 million, or $0.84 per share, up 1% over the year-ago period. EPS beat estimates by $0.02.

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