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Medtronic Reports Growth in Q2¸ Acquires Vertelink
Nov 13, 2003
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Medical device manufacturer Medtronic, Inc. (Minneapolis, MN, U.S.) announced quarterly revenues of $U.S. 2.164 billion, up 14 percent over the $1.891 billion of the comparable period a year ago. Reflecting the weaker dollar outside the U.S., foreign currency translation, when compared to the prior year, had a positive effect on revenue of $59.1 million, the company said.

The company announced second-quarter net earnings of $476.1 million, or $0.39 per diluted share, an increase in net earnings of 58 percent over the $301.7 million in net earnings and 56 percent above the $0.25 per diluted share recorded in the comparable period last year. Excluding charges taken in the second quarter of both the current and prior year, net earnings and net earnings per diluted share grew 14 percent and 15 percent, respectively.

"Medtronic delivered another record quarter of solid growth, with especially noteworthy contributions from our implantable defibrillator, spinal and diabetes product lines," stated Art Collins, Medtronic chairman and CEO. "Looking ahead, our new product pipeline and continued market development efforts bode well for both patients and the financial performance of the company during the second half of this fiscal year."

The company’s Cardiac Rhythm Management Business reported revenues of $1.024 billion for the quarter, a 13-percent increase when compared to the same quarter a year ago.

Its Vascular Business posted quarterly revenues of $194.2 million, with growth up slightly versus the same period a year ago.

Cardiac Surgery achieved revenues of $146.2 million for the quarter, a 10-percent increase when compared to the same quarter a year ago.

Neurological and Diabetes posted quarterly revenues of $393.6 million, a 17-percent increase versus the same period a year ago.

Spinal, Ear, Nose and Throat (ENT) and Surgical Navigation Technologies (SNT) reported quarterly revenues of $406.2 million, a 26-percent increase over the same quarter one year ago.

In other news, Medtronic also announced an agreement to acquire Vertelink Corporation of Irvine, CA, U.S., a developer of materials and techniques for "over-the-wire" spinal fixation devices that can achieve multi-level stabilization of the cervical, thoracic, and lumbar spine.

Medtronic will pay $22 million in cash for all stock of privately held Vertelink, which was founded in 2000. Additional payments will be made as regulatory milestones are met. Further financial terms of the transaction were not disclosed.

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