SANTA ROSA -- Medtronic Inc. announced today first quarter revenues of $3.933 billion, 6 percent above the same quarter last year.
Net earnings were $445 million, or $0.40 per diluted share, down 38 percent from the same period last year.
"I am pleased with our solid first quarter performance and the progress it represents toward fulfilling our full year commitments," said Medtronic Chairman and CEO Bill Hawkins.
The Coronary & Peripheral and Endovascular Innovations businesses located in Santa Rosa's Medtronic CardioVascular division generated $471 million in revenues for the quarter, up 8 percent compared to the first quarter of fiscal 2009.
According to local spokesman Joe McGrath, growth in the coronary business was largely the result of the launch of the Endeavor drug-eluting stent in Japan. The growth in the endovascular business he attributed to strong sales and market share gains in Europe with the Endurant abdominal stent graft and in the U.S. by the Talent abdominal and thoracic stent grafts.
Medtronic CardioVascular employs about 800 in Santa Rosa.