SEC Filings

10-Q
MEDTRONIC PLC filed this Form 10-Q on 12/04/2017
Entire Document
 


Acceptance and future growth from Evolut PRO, which provides control during deployment to assist with accurate positioning with the ability to recapture and reposition the valve. Evolut PRO received U.S. FDA approval and launched in the fourth quarter of fiscal year 2017. Evolut PRO also received CE Mark approval at the end of the first quarter of fiscal year 2018 and launched in Europe during the second quarter of fiscal year 2018.

Acceptance and future growth from the market release of Resolute Onyx, which launched in the first quarter of fiscal year 2018 in the U.S. and in Japan. Resolute Onyx builds on the Resolute Integrity drug-eluting coronary stent with thinner struts to improve deliverability and is the first stent to feature our CoreWire technology, allowing greater visibility during procedures.

Continued acceptance and future growth of the IN.PACT Admiral drug-coated balloon, including the longer length 150mm sizes, for the treatment of peripheral artery disease in the upper leg.

Continued acceptance and future growth from the HawkOne 6 French (6F) for treating patients with peripheral artery disease (PAD), which launched in the U.S. in the third quarter of fiscal year 2017. The HawkOne system is designed to remove plaque from the vessel wall and restore blood flow. The new HawkOne 6F provides an effective and easy-to-use treatment option for patients with PAD both above and below the knee with a single device at a lower profile.
Minimally Invasive Therapies Group
The Minimally Invasive Therapies Group’s products span the entire continuum of care with a focus on diseases of the gastrointestinal tract, lungs, pelvic region, kidneys, obesity, and preventable complications. The products include those for advanced and general surgical care, wound closure, electrosurgery products, hernia mechanical devices, mesh implants, advanced ablation, interventional lung, ventilators, capnography, airway products, sensors, dialysis, and monitors. Net sales for the three months ended July 28, 2017 and the three and six months ended October 28, 2016 also include sales of compression, enteral feeding, wound care, and medical surgical product lines which were divested on July 29, 2017. The Minimally Invasive Therapies Group’s net sales for the three and six months ended October 27, 2017 were $2.0 billion and $4.4 billion, a decrease of 21 percent and 9 percent, respectively, as compared to the corresponding periods in the prior fiscal year. Currency had a favorable impact on net sales for the three months ended October 27, 2017 of $8 million. Currency had an unfavorable impact on net sales for the six months ended October 27, 2017 of $6 million. The Minimally Invasive Therapies Group's net sales for the three months ended October 27, 2017 were impacted by the divestiture of the Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency businesses on July 29, 2017.
During the second quarter of fiscal year 2018, the Surgical Solutions and Patient Monitoring & Recovery divisions were realigned into the Surgical Innovations and Respiratory, Gastrointestinal, & Renal divisions. The Surgical Innovations division consists of the Advanced Surgical and General Surgical businesses. The Advanced Surgical business includes the Advanced Stapling, Advanced Energy, Hernia, Gynecology, and Interventional Lung product lines. The General Surgical business includes the Wound Closure, Electosurgery and Instruments product lines.
The Respiratory, Gastrointestinal, & Renal business consists of the Respiratory & Monitoring Solutions and Renal Care Solutions businesses. The Respiratory & Monitoring Solutions business includes the Patient Monitoring, Respiratory Solutions, Advanced Ablation, and GI Solutions product lines. The Renal Care Solutions business includes the Renal Access and Dialyzers product lines.
Surgical Innovations net sales for the three and six months ended October 27, 2017 were $1.3 billion and $2.6 billion, an increase of 5 percent and 4 percent, respectively, as compared to the corresponding periods in the prior fiscal year. The net sales performance in Surgical Innovations was mainly attributable to Advanced Stapling and Advanced Energy products due to continued adoption of Open-to-Minimally Invasive Surgery (MIS) techniques and tools, as well as growth in emerging markets. Advanced Stapling growth was driven by endo stapling specialty reloads with Tri-Staple technology and Signia, the powered surgical stapling system. Advanced Energy benefited from the continued launch of new LigaSure vessel sealing instruments and the Valleylab F10 energy platform. Further, net sales growth in Surgical Innovations for the three and six months ended October 27, 2017 was partially offset by Hurricane Maria, which had a negative impact to net sales.

Respiratory, Gastrointestinal, & Renal net sales for the three and six months ended October 27, 2017 were $618 million and $1.8 billion, respectively, a decrease of 49 percent and 24 percent, respectively, as compared to the corresponding periods in the prior fiscal year. Respiratory, Gastrointestinal, & Renal net sales declined as a result of the July 29, 2017 divestiture of the Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency businesses. Apart from the decline in net sales due to the divestiture, net sales performance in Respiratory, Gastrointestinal, & Renal benefited from growth of Patient Monitoring and Gastrointestinal and

60

X