Medtronic CEO: 2nd quarter revenues ‘encouraging’ given hurricanes, wildfires

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Medtronic reported worldwide revenue of $7.05 billion for the second quarter of fiscal year 2018, a decrease of 4 percent driven by the sale of its Patient Care, Deep Vein Thrombosis (Compression) and Nutritional Insufficiency businesses to Cardinal Health at the beginning of the quarter.

After adjusting for the divestiture and the impact of foreign currency, revenue increased 3 percent on a comparable, constant currency basis. Medtronic said it would have increased 4 percent if not for the approximate $55 to $65 million impact of Hurricane Maria to the company’s revenue.

Second quarter U.S. revenue was $3.734 billion—53 percent of the company’s total revenue.

"Our second quarter financial results are very encouraging, when considered in the context of a quarter in which we faced three hurricanes and the California wildfires. Hurricane Maria, in particular, significantly affected our manufacturing operations in Puerto Rico," Omar Ishrak, Medtronic chairman and CEO, said in a press release. "Against this backdrop, we delivered a sequential acceleration in our organic revenue growth, as expected."