In an April 21 press release Medtronic plc (NYSE:MDT) announced sharp revenue drops in comparison to 2019’s March and April results:
- Revenues in the United States declined 60% “over the last few weeks” with the exception of customer bulk purchases. The US represented 53% of Medtronic’s pre-COVID-19 sales.
- Western Europe has seen a 20 to 30% contraction vs. the same weeks last year. Western Europe represented 20% of Medtronic’s pre-COVID sales.
- China has seen a modest recovery. Mid-March revenues declined as much as 50% from the same period last year. Sales are up but still lag 20 to 40% below last year’s numbers.
Medtronic also reports customers tightly managing inventories to conserve cash. To read the press release please visit http://newsroom.medtronic.com/news-releases/news-release-details/medtronic-provides-update-covid-19-pandemic-response-and-impact
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