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Cardiovascular Divisions Boost Medtronic's FYQ2 Top-Line As Hurricane Recovery Continues

 
• By Reed Miller

Medtronic's revenue of $7.1bn for the second fiscal quarter of 2018 was down 4% year-over-year on an as-reported basis, but up 4% on a comparable constant-currency basis. –It would have been even greater if not for the hurricane that hindered manufacturing operations in Puerto Rico, the company reported Nov 21.

Medtronic-HQ_1200x675
Medtronic Headquarters in Fridley, Minnesota • Source: Medtronic PLC

Medtronic PLC's growth in the second fiscal quarter of 2018 was driven by its cardiovascular divisions – especially transcatheter valves, and would have been even greater if not for the hurricane that hindered manufacturing operations in Puerto Rico.

On Nov 21, the company reported revenue of $7.1bn for the second quarter of fiscal 2018 and earnings per share of $1.07. Revenue was up 3% compared to the second quarter of fiscal 2017 on comparable, constant-currency basis, or 4% excluding the direct impact from Hurricane Maria. That hurricane cost between $55m and $65m, mostly in the company's Minimally Invasive and Restorative Therapies groups

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