Medtronic CardioVascular first-quarter revenue grows 17 percent

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.

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