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North Bay Business Journal

Tuesday, August 23, 2011, 4:46 pm

Medtronic CardioVascular first-quarter revenue grows 17 percent

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    SANTA ROSA –Medtronic’s Cardiac and Vascular Group, which includes the Santa Rosa-based CardioVascular division, today reported sales in the first quarter of fiscal 2012 of $2.21 billion, an increase of 3 percent.

    Group revenues were $850 million, an increase of 11 percent when adjusted for foreign currency, according to the company. The CardioVascular division had $575 million in sales for the first quarter ended July 29, an increase of nearly 17 percent from $493 million for the same timeframe last year.

    International growth helped the Minneapolis-based medical device maker boost sales, as the Cardiac and Vascular Group had international sales of $1.231 billion in the first quarter, an increase of 6 percent when adjusted for foreign currency. The group had first quarter revenues of $1.253 billion, a decline of 3 percent when adjusted for foreign currency, but a 2 percent increase as reported.

    The CardioVascular division is also made up of the Cardiac Rhythm Disease Management and Physio-Control divisions.

    Companywide, Medtronic (NYSE: MDT) reported first quarter revenue worldwide of $4.049 billion, a 2 percent increase after adjusting for a favorable foreign currency impact of $186 million.  International revenues of $1.843 billion increased by 7 percent after accounting for foreign currency, Medtronic said.

    International sales accounted for 46 percent of the company’s worldwide revenue, Medtronic said, while emerging markets revenue of $408 million increased by 25 percent on a constant currency basis.

    First quarter net earnings were $821 million, or $0.77 per diluted share, a decrease of 1 percent and an increase of 1 percent, respectively.

    “Our first quarter results showed growth across many of our businesses.  The major exceptions were ICDs and spinal products, where we continued to face challenges,” said Omar Ishrak, Medtronic chairman and chief executive officer.  “My top priority is aligning the management team around improving execution and optimizing sources of growth.”

    Medtronic’s Santa Rosa operation, which employs about 800, makes stents for treating coronary artery disease and stent grafts for repairing aortic aneurysms.

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