For the third quarter of fiscal year 2017, Medtronic’s revenue increased 5 percent of $7.283 billion, GAAP net income decreased 25 percent to $821 million and diluted earnings declined 23 percent to $1.12 per share compared with the same time period a year ago.
The fiscal third quarter ended on Jan. 27, 2017. Medtronic announced the results Feb. 21.
As of midday on Feb. 21, Medtronic’s stock price increased around 2 percent to $80.49 per share.
During the quarter, revenue increased 5 percent to $2.548 billion in the cardiac and vascular group, increased 5 percent to $2.147 billion in the minimally invasive therapies group, increased 4 percent to $1.817 billion in the restorative therapies group and increased 6 percent to $501 million in the diabetes group.
Within the cardiac and vascular group, revenue increased 7 percent to $1.371 billion in the cardiac rhythm and heart failure division, increased 2 percent to $751 million in the coronary and structural heart division and increased 6 percent to $426 million in the aortic and peripheral vascular division.
Medtronic mentioned a few drivers of its revenue growth in the cardiac and vascular group, including its acquisition last year of HeartWare International, Inc. and the U.S. launches of the CoreValve Evolut R 34 mm transcatheter aortic heart valve and the HawkOne 6 French directional atherectomy system.
Medtronic also provided updated guidance for fiscal year 2017. The company expects revenue growth within the mid-single digit range, diluted non-GAAP earnings per share growth in the double digits and free cash flow of $5 billion to $6 billion.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.