Here are four things to know.
1. Medtronic’s four business groups all have manufacturing facilities in Puerto Rico, which were damaged by the hurricane.
2. Medtronic’s Puerto Rico manufacturing sites returned to limited production Oct. 2. The company will gradually increase manufacturing capacity over the next few weeks.
3. The devicemaker is relying on existing inventory levels and increased manufacturing capacity at sites outside of Puerto Rico to supply many of its products.
4. Medtronic said it is too early to determine whether Hurricane Maria will impact the company’s fiscal health beyond the second quarter.
“We are extremely focused on restoring our manufacturing operations in Puerto Rico as quickly as possible, as well as prioritizing our available inventory to patient surgeries over large volume orders from customers,” said Omar Ishrak, Medtronic chairman and CEO. “While we are expecting a temporary impact to our financial results from Hurricane Maria, we are pleased with the early reception of our new product launches, which are contributing to the underlying strength and fundamentals of our business.”
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