North Bay Business Journal

Tuesday, February 21, 2012, 6:19 pm

Sales abroad boost Medtronic CardioVascular third quarter


Print Friendly Print Friendly    

Share this item

    SANTA ROSA –  Sales growth outside the U.S. boosted revenue for the Santa Rosa-based division of Medtronic (NYSE: MDT) by 8.1 percent in its fiscal third quarter, the medical device maker reported today.

    Global revenue for the quarter, ended Jan. 27, for the CardioVascular division grew to $837 million from a year before, before adjustments for foreign-currency changes. The Minneapolis-based company attributed much of the growth to international sales in emerging markets. Sixty-nine percent of third-quarter sales were from outside the U.S.

    Revenues for the company’s coronary, structural heat and endovascular and peripheral businesses in that division grew by 3 percent, 10 percent and 17 percent, respectively.

    Companywide, Medtronic reported worldwide third-quarter revenue of $3.91 billion, up 1.2 percent from that period last year, Chief Executive Officer Omar Ishrak told investors. Two-thirds of the company saw growth, while one-third, implantable cardioverter defibrillators, decreased by 9 percent, he said.

    “I am pleased that a majority of our business mix continued to report strong, consistent revenue growth in the upper single digits,” said Mr. Ishrak. ”However, this was masked by continued challenges in our U.S. ICD and Spine performance. Stabilizing these businesses along with delivering on our key strategic imperatives of improving execution, optimizing innovation, and accelerating globalization should position us well to deliver long-term sustainable growth.”

    The company received federal approval last week to begin selling the Resolute Integrity Stent, which is used to repair patients’ arteries, in the U.S., which should help the company grow into the $1.5 billion domestic market of stents.

    Copyright © 1988–2015 North Bay Business Journal
    View the policy for linking to website content.

    Print Friendly Print Friendly    


    1 Comment

    1. February 22, 2012, 9:29 am

      by Dr H Christian Gunderson

      This is great news for Medtronic and our area.

    Submit Your Comments


    Required, will not be published

    Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments and Letters Policy. To share this item by email or social media, use the links above.

    Do not use this form to contact people, companies or organizations mentioned in this story. Contact them directly. Private messages left here will be deleted.