SANTA ROSA -- Medtronic Inc. (NYSE: MDT) today reported revenue growth for the first fiscal quarter of 2011 was flat compared with a year ago, but the CardioVascular group headquartered in Santa Rosa saw modest revenue growth.
CardioVascular reported first-quarter revenue of $717 million grew 4 percent from a year prior, or 10 percent after adjusting for foreign currency and the extra week in fiscal year 2010. Revenue growth was driven by strong international growth of 11 percent, the Minneapolis-based company reported.
"A softer global health care market impacted by decreased utilization and increased pricing pressure made for a difficult first quarter," said Bill Hawkins, Medtronic chairman and chief executive officer. "Solid performance from the CardioVascular, Diabetes and Surgical Technologies businesses was offset by softness in other businesses.”
Company reported first-quarter revenue was $3.77 billion, a 4 percent decrease from a year ago, or a 4 percent increase after currency and calendar adjustments of $221 million. Net first-quarter earnings were $830 million, or 76 cents a diluted share, an 86.5 percent increase from a year ago.
Medtronic’s CardioVascular business, which develops coronary, peripheral and aortic stent systems, employs about 800 in Santa Rosa.
At noon Pacific Time, the price of Medtronic’s stock was $31.47 a share, about 10 percent or $3.53 a share below the closing price Monday.