Medtronic Gets Huge Surge in Sales from Diabetes and Valves
Industry news | 29 June, 2018 | CACLP
Medtronic topped estimates in its latestearnings, fueled by sales from valves and diabetes products. For theDublin-based company’s 4Q18 earnings it brought in about $8.14 billion, a 6.5percent increase.
The firm’s Cardiac and Vascular group (CVG)earned $3.1 billion and grew by 10.1 percent. Within CVG group, the Coronary& Structural Heart businesses had the best showing.
“Coronary & Structural Heart deliveredimpressive 12.8% growth, driven by the rollout of our Resolute Onyx,” said OmarIshrak, president and CEO of Medtronic. “This was driven bycontinued strong global demand for our Evolut PRO valve and expandedindications in the U.S., which has resulted in above market levels of growthfor the past five quarters.”
Ishrak said that another keyaccomplishment in the quarter was approval for a global pivotal trialof Symplicity Spyral, a new therapy for treatment-resistant hypertension.
There have been some keychanges in Medtronic’s diabetes unit, which had sales that rose 26% to $645million. A game changer for the unit was FDA approval of the 670 Ginsulin pump system, the world's first hybrid, closed-loop artificial pancreas.And last year Johnson & Johnson shut down Animas Corp., and thenearly 90,000 patients using its insulin pumps had the option to transfer toMedtronic pumps.
“We have seen continued strong performance out ofthe 670G in the U.S. and this is really encouraging, because in many ways, weare just getting started here,” said Hooman Hakami, president of the diabetesgroup for Medtronic said, according to a Transcript from Seeking Alpha. “So,you look at those dynamics, all of those things led to six points of sharegains for us across both consumable and durable pumps this past quarter whichwe are obviously really excited about.”
Press contact
Go back
