Medtronic's (NYSE:MDT) business is taking a serious hit as a result of the COVID-19 pandemic. With overwhelmed healthcare systems around the world diverting resources and personnel to coronavirus patients, the number of surgical procedures being performed with Medtronic's devices has declined sharply. As a result, the company has experienced deep revenue decreases over the past few weeks across every region in which it operates. In Western Europe, where Medtronic typically generates about 20% of its top line, the company started experiencing year-over-year revenue declines of 20% to 30% the week of March 23. 

In the U.S., where Medtronic makes a little over half of its revenue, the company said its top line started decreasing by about 60% year over year the week of March 16. What's more, management is expecting the drag on the bottom line to be even worse. The company has continued to operate its medical device manufacturing at (or near) full capacity despite the decrease in sales. In short, investors should expect Medtronic's financial results for its current quarter -- Q4 of its fiscal 2020 -- to be ugly.

Robot-assisted surgical device

Image Source: Getty Images.

Despite these challenges, Medtronic is confident that it can handle the current crisis and come out of it in one piece. The healthcare company has a strong balance sheet, "with approximately $11 billion in cash and investments as of the most recent quarter, and an undrawn $3.5 billion credit facility." Management also pointed out  that Medtronic has no public debt maturing until March 2021.

Medtronic shares today are trading at about 19% below their February peak. But  given the company's solid financial position, perhaps that makes this an opportunity for investors to buy in at a discount. After all, its leading position in the medical devices industry should allow Medtronic to get back to its usual strong performance after the pandemic recedes