Medtronic revenues $2.8 billion in second quarter, up 15%
25 November 2005
Minneapolis, USA. Medtronic, Inc. has announced record revenues for the
quarter ended October 28, 2005 of $2.765 billion, a 15% increase over the
$2.400 billion recorded in the second quarter of fiscal year 2005. As
reported, second quarter actual earnings were $816.5 million or $0.67 per
diluted share, an increase of 52% over the prior year second quarter. Before
special items, second quarter net earnings of $657.1 million, or $0.54 per
diluted share, increased 23 percent over net earnings of $535.7 million and
$0.44 per diluted share recorded in the same period last year.
"Balanced growth across the corporation was again led by implantable
defibrillators and spinal products", said Art Collins, chairman and chief
executive officer of Medtronic. "Very solid growth momentum has continued
throughout the year and reflects the impact of the investments which have
been made and that are continuing. As a result, the corporation is well
positioned to maintain strong financial performance going forward."
Cardiac Rhythm Management Business
Cardiac Rhythm Management (CRM) quarterly revenues were $1.289 billion,
representing growth of 17 percent over the same period last fiscal year. ICD
revenues were $733 million in the quarter, a 34 percent increase over the
same period last fiscal year. ICD revenue gains underscore the strength of
Medtronic's ICD product line and sales and support teams.
Market share gains in the quarter also reflect, in part, the changing
competitive dynamics in the marketplace. Quarterly pacing revenues were $459
million in the quarter, up five percent over the same period last year. This
reflects a return to growth in pacing driven by new products released in the
previous two quarters. Medtronic's Emergency Response Systems business
reported revenues of $81 million, a decrease of 21 percent, which was the
result of vendor supply issues.
Spinal, ENT and Navigation Businesses
Spinal / Ear, Nose and Throat (ENT) / Navigation revenues for the quarter
were $603 million, representing 19 percent growth over the same period last
fiscal year. Spinal revenues of $516 million increased 20 percent over the
same period last fiscal year maintaining a track record of strong growth and
market share improvement.
Neurological and Diabetes Businesses
Neurological and Diabetes quarterly revenues of $487 million increased 13
percent over the same quarter one year ago. Total Neurological revenues were
$309 million in the quarter, an 11 percent growth over the same quarter last
year. Diabetes revenues were $178 million, a 17 percent increase over the
same quarter last fiscal year.
Cardiac Surgery Business
Cardiac Surgery revenues of $161 million in the quarter grew one percent
over the same period last fiscal year.
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