SANTA ROSA -- Medtronic Inc.'s Santa Rosa-based CardioVascular division saw revenues jump 17 percent in the second quarter to $696 million.
Overall, Minneapolis-based Medtronic (NYSE:MDT) reported revenues of $3.8 billion, up 8 percent compared to the second quarter of the previous fiscal year, while earnings rose sharply.
Medtronic's second quarter net earnings were $868 million, or $0.78 per diluted share, and increase of 59 percent and 63 percent respectively over the same quarter last year.
The CardioVascular division, which includes the coronary and endovascular divisions, benefited from strong sales of the Endeavor Drug-eluting stent launched earlier in the fiscal year. Coronary revenue grew to $369 million for the quarter, up from $315 million for the previous second quarter.
"We now have about a 14 percent share of the drug-eluting stent market in the U.S., 20 percent globally," said Medtronic CardoVascular spokesman Joe McGrath. "In terms of units sold and revenue share, we posted the largest second quarter increase of the four biggest stent makers."
Medtronic is the No. 3 in U.S. sales of drug-eluting stents, behind Johnson & Johnson, Boston Scientific and Abbot Labs.
"And our share is growing month by month, quarter by quarter," said Mr. McGrath.
Medtronic CardioVascular employs about 800 in Santa Rosa.