Medtronic 2016 Annual Report Download - page 48

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Table of Contents
45
procedure. We added new sizes and indications for Resolute Onyx in Europe in the third quarter of fiscal year
2016.
• The global stent market continues to experience pricing pressure resulting from government austerity programs
and reimbursement cuts in Europe and Japan.
• Continued worldwide growth of our Euphora Non-Compliant and Semi-Compliant Balloon Dilatation Catheter
and our family of coronary guide catheters.
• Acceptance of the IN.PACT Admiral drug-coated balloon for the treatment of peripheral artery disease in the
upper leg. The IN.PACT Admiral drug-coated balloon was launched in the U.S. early in the fourth quarter of
fiscal year 2015, and received CE Mark approval in January 2016 for arteriovenous access to help maintain
hemodialysis access in patients with end-stage renal disease.
• Integration of Aptus Endosystems, Inc. (Aptus), acquired in June 2015, into the Aortic & Peripheral division.
Aptus is a medical device company focused on developing advanced technology for endovascular aneurysm
repair and thoracic endovascular aneurysm repair.
• Continued and future acceptance of the Endurant family of AAA stent graft products. We received CE Mark
and U.S. FDA approval of the Endurant IIs stent graft late in the second quarter of fiscal year 2015. Continued
worldwide growth of the Valiant Captivia Thoracic Stent Graft System.
• Acceptance of our VenaSeal closure system, which was launched in the U.S. in November 2015. The VenaSeal
closure system is a minimally invasive procedure that uses a proprietary medical adhesive to close superficial
veins of the lower extremities in patients with symptomatic venous reflux.
Minimally Invasive Therapies Group Minimally Invasive Therapies Group’s goals are to diagnose and intervene earlier, improve
treatments, and help patients recover faster. Our technologies and products span the entire continuum of care. The group looks to
enhance patient outcomes through minimally invasive solutions with a focus on diseases of the gastrointestinal tract, lungs, pelvic
region, kidneys, obesity, and preventable complications. The Surgical Solutions division's products include those for advanced
and general surgical care (stapling, vessel sealing, and other surgical instruments), sutures, electrosurgery products, hernia
mechanical devices, mesh implants, and solutions for gastrointestinal (GI), advanced ablation, and interventional lung. The Patient
Monitoring & Recovery division's products include ventilators, capnography and other airway products, sensors, monitors,
compression and dialysis products, enteral feeding, wound care, and medical surgical products (including operating room supply
products, electrodes, needles, syringes, and sharps disposals). The Minimally Invasive Therapies Group’s net sales for fiscal year
2016 were $9.6 billion. Currency translation had an unfavorable impact on net sales of $493 million as a result of the change in
exchange rates from the prior year. The Minimally Invasive Therapies Group was favorably impacted by an additional selling
week during the first quarter of fiscal year 2016. The Minimally Invasive Therapies Group contains the majority of Covidien's
former operations. See the more detailed discussion of each business’s performance below.
Net sales contributions in Surgical Solutions for fiscal year 2016 were $5.3 billion. The net sales performance in Surgical Solutions
was mainly attributable to stapling and energy. Stapling products results benefited from continued worldwide market adoption of
the Endo GIA Reinforced Reload and energy products benefited from continued strong adoption of the LigaSure Maryland Jaw
and Valleylab FT10 Energy Platform. Further, Early Technologies product performance was driven by gastrointestinal solutions
products, more specifically, our gastrointestinal diagnostic product line.
Patient Monitoring & Recovery net sales for fiscal year 2016 were $4.3 billion. Net sales contributions in Patient Monitoring &
Recovery were driven mainly by U.S. sales within Respiratory and Patient Monitoring, Patient Care and Safety, and Nursing Care.
Respiratory and Patient Monitoring performance was attributable to sensors, airway products, and acute ventilator sales. Patient
Care and Safety net sales results were primarily due to sales of compression and SharpSafety product lines, and sales within our
electrode and dialysis products. The Nursing Care results were largely driven by sales of incontinence, enteral feeding and wound
care products.
Looking ahead, we expect Minimally Invasive Therapies Group could be impacted by the following:
• Continued acceptance and future growth of Open-to-Minimally Invasive Surgery (MIS) techniques and tools
supported by our efforts to transition open surgery to MIS. The Open to MIS initiative focuses on establishing
our presence in and working to optimize open surgery globally, while capturing the market opportunity that
exists in transitioning open procedures to MIS, whether through traditional MIS, or advanced technologies like
robotics. To achieve this transition, we are focused on product training, surgical skill training and continued
therapy innovation to advance MIS.