Medtronic’s net income dropped more than 40% in its first quarter, but was better than expected, the company said.
Medtronic — mainly run out of Fridley — attributed the decrease, plus a 13% revenue drop, to economic problems caused by attempts to both stem and allow for hospital capacity to treat COVID-19.
Elective procedures were restricted in many places, and patients also put off some treatments for fear of catching the coronavirus at a hospital.
But revenue dropped in every sector of the company’s business relative to the first quarter of fiscal 2020.
With hospitals loosening restrictions on elective surgeries, volumes of procedures involving medical devices are growing. The pandemic situation is still uncertain enough that Medtronic chose not to offer financial guidance going forward.
“We reported solid improvement from last quarter, and our results reflect a faster than expected recovery from the depths of the pandemic we saw back