Medtronic plc (MDT) Bank of America Global Healthcare Conference 2022 (Transcript)

Medtronic plc (NYSE:MDT) Bank of America Global Healthcare Conference 2022 September 15, 2022 9:10 AM ET

Company Participants

Rob ten Hoedt - Executive Vice President & President EMEA & APAC

Conference Call Participants

Travis Steed - Bank of America

Rob ten Hoedt

[Call Starts Abruptly] That is the de novo patients plus the deferred patients should all be treated, then we're going to get this increase in productivity. That happened in Spain and Italy but it didn't in France, in the UK and in Germany. So these big markets, they have massive staffing issues. And so we see production coming back to pre-COVID levels, but we -- they cannot handle to deferred patients wave that's coming at them. APAC has not seen any of the issues with staffing. So we are basically just back at the levels that we were before COVID.

Question-and-Answer Session

Q - Travis Steed

In terms of procedural volumes, we're pretty much back at kind of pre-COVID levels, normalized volumes and kind of that's the plan from here. Maybe a staffing eases, we could see some recovery.

Rob ten Hoedt

Absolutely, absolutely.

Travis Steed

And then in terms of some of the supply chain issues that Medtronic has had, just curious how you've seen that impact your European business and some of the areas where you've seen that improve or not improve?

Rob ten Hoedt

No, we've had significant supply chain issues. And they were obviously partly driven by the global supply chain issues. But some of them were also self-inflicted within Medtronic that we needed to deal with. One thing we learned very clearly is that before we did this operating model change with the 20-year use, we had supply chain really scattered in manufacturing scattered throughout the organization.

Already before COVID, we decided to create