Medtronic reported strong growth in profits for the medical device manufacturer's fiscal 2009 third quarter, which ended Jan. 23.
The Minneapolis-based company said net earnings in the third quarter were $723 million, a robust increase compared with the $77 million recognized for the same period last year.
In the fiscal 2008 third quarter, the company recognized several charges totaling approximately $636 million, including $275 million for settlements of lawsuits stemming from its recalled Marquis implantable defibrillators and a stent patent infringement case.
“Despite global macroeconomic uncertainties and an unfavorable impact from foreign currency on our business units this quarter, Medtronic continues to deliver growth in a challenging environment,” said Bill Hawkins, Medtronic’s chairman and CEO. “Excluding the impact of foreign currency, four of our seven business units reported double digit revenue growth in the quarter and we continue to focus on delivering meaningful operating leverage.”
Cardiac rhythm disease management revenue was $1.169 billion, a 4 percent decrease in the quarter, compared with the same quarter last year, according to the company.
Worldwide implantable cardioverter defibrillator revenue was $694 million and worldwide pacing revenue was $457 million, compared with $726 million and $478 million in the same period last year, respectively
Revenue rose 10 percent in the cardiovascular business to $565 million, including charges, the company reported.
Coronary stent revenue grew 25 percent and endovascular revenue grew 49 percent on a constant currency basis. Medtronic noted that the commercial launch and availability of five new angioplasty products on a rapid exchange delivery system in the U.S. fueled growth in its cardiovascular business.
Physio-Control, a Medtronic subsidiary based in Redmond, Wash., reported $90 million in revenue, a 4 percent decrease since last year, the company said.