Medtronic Reports First-Quarter Earnings Growth
Aug 13, 2003
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Medtronic, Inc., a medical technology company, announced strong quarterly revenues of U.S. $2.064 billion, up 20.4 percent over the $1.714 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 $75.7 million, said the company.

The company announced first quarter net earnings of $450.4 million, or $0.37 per diluted share, an increase in net earnings of 17.5 percent over the $383.3 million in net earnings and 19.4 percent above the $0.31 per diluted share recorded in the comparable period last year. Excluding charges taken in the first quarter of the prior year, net earnings and net earnings per diluted share grew 15.5 percent and 15.6 percent, respectively.

"Medtronic is continuing to see the favorable impact of significant investments in product development and customer support. Our three largest product lines, Cardiac Rhythm Management, Spinal, and Neurological, accounted for nearly 75 percent of the company's quarterly revenue and collectively grew more than 25 percent, " said Art Collins, Medtronic chairman and chief executive officer. "Worldwide implantable defibrillator sales, highlighted by a broad array of heart failure products, recorded a sixth consecutive quarter of more than 30-percent growth. Spinal recorded its 18th consecutive quarter of greater than 20-percent growth. These strong performances were further complemented by greater than 25-percent growth in our Neurological business."

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