Now, looking back at what we've accomplished since the start of the pandemic, we are in many ways already a stronger company as a result of our actions. The Medtronic mission and focus on these growth opportunities is enduring. DUBLIN, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Medtronic plc (NYSE:MDT) today announced financial results for its first quarter of fiscal year 2021, which ended July 31, 2020. We mentioned the Micra and cardiac rhythm, the Cobalt and Crome approval, LINQ 2 just got approved in Europe. So would you see sort of the trough margin period in the business? The Cardiac and Vascular Group (CVG) includes the Cardiac Rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH), and Aortic, Peripheral & Venous (APV) divisions. But we do see this strong early signs of the recovery, and our employees are ready to go without distraction, and they've used -- that we've used this time wisely. And by the time we get to Q4, we would expect to be back to more normal margins on a constant currency basis. They're also consistent with the impacts seen across the industry. I wish Geoff, the team, and all of our employees all the very best going forward.Thank you, Omar. Registration on or use of this site constitutes acceptance of our
RTG's revenue reflected a year-over-year decline in procedure volumes as a result of the COVID-19 pandemic; however, revenue did improve sequentially. And for sure the virus’ impact on the markets and prices, asset prices has, is going to help -- is going to make certain assets more attractive. I think the patient fear factor is a little higher there because the virus hit harder in New York and Massachusetts, but other parts of the U.S., very optimistic.
That was strictly a U.S. issue as you recall, we were actually growing with the market, a little ahead of the market outside of the United States.We talked a lot about how well we were refocusing sales forces and repositioning them back into large high-volume accounts where they had been basically being deployed into the start-up of new accounts with the NCD and increasing the sharpness of the messaging around our benefits of the super annular design that we have relative to better gradients and better hemodynamics.
The company reported first quarter worldwide revenue of $6.507 billion, a decrease of 13 percent as reported. And then the more deferrable procedures are taking longer, like our pelvic health franchise and RTG, for example.
And is it -- are there some tweaks you’re making?
While I didn't expect to be turning over the CEO role during a pandemic, it's reassuring to know that the decisions that we've made over the past several years have prepared us for this time. "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 in April," said Geoff Martha, Medtronic chief executive officer.
And we think he will really help us with the messaging of our product for low-risk patients for bicuspid patients and in our clinical design and development. And Vijay, it’s Brett Wall with RTG. So that's what we're looking for. Can you just to help us kind of how you're thinking about progression of recovery, maybe across the next couple of months, but more specifically, given the stocking dynamic in the fourth quarter and the extra selling week in the first quarter. However, when you combine these new possibilities with our pipeline, I couldn't be more excited about the future.
We intend to submit data to regulatory agencies on our Zeus transmitter at the end of the summer, and we have completed verification of our Synergy sensor that will enable our IDE submission within the next few weeks. And we're very excited about what the future can hold even beyond FY '21.
The company's first quarter of fiscal year 2021 contained 14 weeks, one more week than the first quarter of fiscal year 2020. So on behalf of our entire management team, I’d like to thank you for your continued support and interest in Medtronic. So for example, widespread respiratory monitoring or ventilators. Is that also a part of it? Look, we are excited about creating the new renal denervation market with its potential to treat millions of patients with hypertension.With all of these recently approved and near-term pipeline products, customer enthusiasm remains high, and collectively, these represent growth acceleration as we emerge from the pandemic.With that, let me now ask Karen to take you through a discussion of our fourth quarter financials and outlook. -- Cranial and Spinal Technologies first quarter revenue of $944 million decreased 10 percent as reported and mid-teens organic, including mid-teens declines in Spine and high-teens declines in Enabling Technology. As has been said, this pandemic presented the world with an unprecedented challenge, which requires an unprecedented response, including by our team at Medtronic. And welcome to the Medtronic Fourth Quarter Earnings Conference Call.
These results are in-line with the press release we provided last month, where we discussed the expected negative impacts on our fourth quarter revenue resulting from a slowdown in procedures and the associated significant deleveraging that was expected to affect our earnings.
August 20 – Earlier today, Medtronic reported first quarter 2020 financial results. As reported, first quarter GAAP net income and diluted earnings per share (EPS) were $487 million and $0.36, respectively. Non-U.S. developed market revenue of $2.175 billion represented 33 percent of company revenue and decreased 8 percent as reported and low-double digit organic.
As a result, our FX impact is looking to be about $0.10 more negative to fiscal ‘21 EPS than a few months back and just over $0.20 for the fiscal year.Before I turn the call back over to Geoff, I would like to express my sincere gratitude to our employees around the world for their ongoing commitment to our mission.
If you're interested in reading more on our response to our employees, our customers and our communities, I encourage you to visit our website, medtronic.com/covid19.Now, let me turn to our Q4 financial results, which has suffered due to COVID-19. We also saw strong correlation in demand for pulse oximetry and capnography.
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