Medtronic Sees COVID-19 Outbreak To Negatively Affect Q4 Results

(RTTNews) - Medtronic (MDT) said it continues to expect COVID-19 to negatively affect its fiscal fourth quarter financial results, which ends on April 24, 2020.

In the United States, the company began to see an impact to revenue from COVID-19 the week of March 16. Over the last few weeks, the company's U.S. weekly revenue declined about 60% year-over-year on average, excluding any impact from customer bulk purchases.

In China, the company expects to experience the impact of COVID-19 to its revenue for the entire fiscal fourth quarter. On average, weekly revenue declined approximately 50% year-over-year through the week of March 9. Since that time, the company's weekly revenue has declined on average about 20% to 40% year-over-year, as the market is experiencing a slow recovery.

In Western Europe, the company began to see an impact to revenue from COVID-19 the week of March 23. Over the last few weeks, the company's weekly revenue has declined approximately 20% to 30% year-over-year on average, excluding any impact from customer bulk purchases.

In the rest of the world, Medtronic saw varying degrees of impact, with the last few weeks declining on average about 40% to 50% year-over-year.