Medtronic Reported its Fiscal Year and Fourth Quarter 2019 Financial Results, showing a Q4 Revenue of $8.1 Billion, Flat as Reported and Grew 3.6% Organic – Q4 GAAP Diluted EPS of $0.87; Q4 Non-GAAP Diluted EPS of $1.54. FY19 Revenue of $30.6 Billion Grew 2.0% Reported and 5.5% Organic.
However, Cardiac Rhythm & Heart Failure fourth quarter revenue of $1.554 billion decreased 4.8 percent as reported or 1.4 percent on a constant currency basis. Arrhythmia Management grew in the mid-single digits on a constant currency basis, driven by high-twenties growth of the TYRX® Absorbable Antibacterial Envelope, high-teens growth of the Reveal LINQ(TM) Insertable Cardiac Monitoring System, and mid-teens growth in AF Solutions, all on a constant currency basis. This was offset by low-double digit declines in Heart Failure, including high-thirties declines in sales of left ventricular assist devices (LVADs), both on a constant currency basis.
In the Restorative Therapies Group, Pain Therapies fourth quarter revenue of $342 million increased 3.0 percent as reported or 5.4 percent on a constant currency basis. The division had high-single digit constant currency growth in Targeted Drug Delivery, and mid-single digit constant currency growth in Pain Stimulation on the continued strength of the Intellis(TM) platform.