Medical Design Briefs - January 2024 - 9

more during planning, and have more
control over the care that is delivered. It
uses intuitive software to plan a surgery
customized to each patient. Surgeons
can confirm that their surgical plan was
executed as predicted with intraoperative
tools and technologies and then
monitor the success of the procedure
against the original surgical plan with
advanced software.
The surgical segment grew 7 percent,
with particular strength in advanced
energy. Notable performances
were observed in its cardiac surgery,
aortic, ENT, and Peripheral Vascular
businesses. Neuromodulation grew
mid-single digits with innovations in
Pain Stim and Brain Modulation. Businesses
in high-secular growth medtech
markets contributed to high-single digit
growth, making up about 20 percent
of revenue.
Growth in strategic areas included
structural heart, with transcatheter
valves growing 11 percent globally.
Neurovascular grew mid-single digits,
primarily driven by strength in flow diversion.
Cardiac ablation solutions grew
5 percent, with a focus on pulsed field
ablation technologies.
Key Insights
Parkhill provided insights into
Medtronic's geographic performance,
which included high-single digit
growth in non-U.S. developed and
emerging markets. Adjusted gross margin
remained stable year-over-year and
ahead of expectations. Operating margin
increased by 90 basis points, driven
by revenue outperformance and focused
expense management. This performance,
she said, was driven by " active
portfolio management, " including
the joint venture with DaVita and the
separation of patient monitoring and
respiratory interventions.
Medtronic is prioritizing returning
a minimum of 50 percent of free cash
flow to its shareholders. The company
is actively managing its portfolio, including
joint ventures and separation
plans. Martha and Parkhill said that
Medtronic expects inflation and currency
pressures, with delayed impacts
from later in the fiscal year. Actions
are being taken to drive structural
changes in global operations and supply
chain for gross margin stabilization
and improvement.
Medical Design Briefs, January 2024
Conclusion
Medtronic's outlook paints a comprehensive
picture of the company's
robust performance, growth initiatives,
and positive expectations for fiscal year
2024. With a focus on transformation,
innovation, and portfolio management,
Medtronic is well positioned for continued
success and value creation in the dynamic
medical technology landscape. Its
commitment to shareholders, coupled
with strategic guidance updates, underscores
Medtronic's trajectory toward sustained
growth and long-term value.
This article was written by Sherrie
Trigg, Editor and Director of Medical
Content. She can be reached at sherrie.
trigg@saemediagroup.com.
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Medical Design Briefs - January 2024

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