Medtronic, Inc., a producer of medical appliances, announced quarterly net earnings of U.S. $535.7 million, or $0.44 per diluted share, an increase of 13 percent over the $476.1 million in net earnings, or $0.39 per diluted share, from the same period in 2003.
Revenues in the quarter were $2.4 billion, an increase of 11 percent over the $2.2 billion in 2003. Reflecting the weaker dollar, foreign currency translation had a positive impact on quarterly revenue of $40 million compared to last year.
"Financial performance this quarter was once again led by two of Medtronic's largest product lines, spinal products and implantable defibrillators. We expect a number of positive events that occurred during the quarter to help fuel growth in the second half of the year," said Art Collins, chairman and CEO of Medtronic.
The company's cardiac rhythm management division reported $1.1 billion in quarterly revenues, representing an 8-percent increase over 2003. Medtronic's largest product line, implantable cardioverter-defibrillators, led growth this quarter with revenues increasing 17 percent.
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