Medtronic (NYSE:MDT) issued a financial update revealing that weekly revenue in the U.S. is down 60% amid the COVID-19 pandemic.
The Fridley, Minn.-based medtech giant explained in a news release that the business impact remains fluid, but the company expects COVID-19 to negatively affect its fourth-quarter (ended April 24) results, and the quarter will reflect an additional month of impact compared to other companies on a calendar-based fiscal year.
Medtronic also explained that its manufacturing and distribution facilities are sanitized, its employees are utilizing personal protective equipment (PPE) and practicing social distancing and the company implemented additional screening and access protocols.
Field employees are provided access to PPE, and Medtronic is offering its U.S. employees and their family members a free virtual COVID-19 evaluation and monitoring tool. The company also included coronavirus-related benefits, such as reward programs, protection from impacts to sales incentive compensation, emergency leave pay for employees whose roles can’t be performed remotely and increased contributions to its employee emergency assistance fund for those experiencing a financial impact due to COVID-19.