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North Bay Business Journal

Tuesday, May 24, 2011, 2:10 pm

Medtronic CardioVascular revenue increases 16 percent in fiscal 2011

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    MedtronicSANTA ROSA — Medtronic‘s Santa Rosa-based CardioVascular division today reported fiscal 2011 revenue increased 16 percent from the previous year to $879 million.

    Growth for the division was 13 percent for the fiscal year on a constant currency basis.

    “Revenue growth was driven by solid performances in all three businesses, particularly in emerging markets,” according to a company statement.

    “Particularly, CardioVascular’s growth was driven by our innovative portfolio of products including the Integrity stent platform, the CoreValve transcatheter heart valve and the recent U.S. launch of the Endurant stent graft for the treatment of abdominal aortic aneurysms,” according to the company.

    The CardioVascular division’s Coronary and Peripheral, Structural Heart, and Endovascular businesses grew worldwide revenue 12 percent, 13 percent, and 20 percent, respectively, on a constant currency basis.

    The CardioVascular division is part of the company’s Cardiac and Vascular Group, also made up of the Cardiac Rhythm Disease Management and Physio-Control divisions. For the year, the group reported worldwide sales of $8.544 billion, which is flat as reported or an increase of 1 percent after adjusting for foreign currency and the benefit of the extra week in fiscal year 2010.

    Medtronic as a whole reported fiscal 2011 revenue of $15.9 billion. That was an increase of 1 percent as reported or an increase of 2 percent after adjusting for $12 million of favorable foreign currency impact and about $200 million of revenue benefit from the extra week in the first quarter of fiscal 2010.

    As reported, fiscal 2011 net earnings were $3.096 billion, which was flat from fiscal 2010. Per diluted share earnings were $2.86, an increase of 3 percent.

    Pro forma net earnings and diluted earnings per share for fiscal year 2011 were $3.643 billion and $3.37, an increase of 2 percent and 5 percent, respectively.

    The company employs about 800 in Santa Rosa.

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