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Medtronic Reports Third Quarter Revenue of $3.5 Billion
• Non-GAAP EPS growth of 13%; GAAP EPS growth of 829% • Double digit constant currency revenue growth in four out of seven business segments • GAAP cash flow from operations of $1.135 billion; free cash flow exceeds $1 billion |
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“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 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 ManagementCardiac Rhythm Disease Management (CRDM) revenue of $1.169 billion decreased four percent in the quarter or one percent after adjusting for an unfavorable $38 million foreign exchange impact. Worldwide implantable cardioverter defibrillator revenue was $694 million. Worldwide pacing revenue was $457 million. In February, the CRDM business announced the acquisition of Ablation Frontiers, which when combined with the previously announced acquisition of CryoCath Technologies, positions CRDM as a leader in the atrial fibrillation market. Spinal Spinal revenue of $832 million grew three percent or four percent after adjusting for an unfavorable $11 million foreign exchange impact. In the quarter, the core spinal business grew five percent on further adoption of its Legacy, Atlantis and MAST product portfolios. The Biologics business also stabilized in the quarter. CardioVascular Revenue in the CardioVascular business grew to $565 million, an increase of 10 percent or 16 percent with an unfavorable $27 million foreign exchange impact. Coronary stent revenue grew 25 percent and Endovascular revenue grew 49 percent on a constant currency basis. The commercial launch and availability of five new angioplasty products on a rapid exchange delivery system in the U.S. fueled growth in the CardioVascular business. Neuromodulation Neuromodulation revenue of $354 million grew 11 percent or 13 percent after adjusting for an unfavorable $9 million foreign exchange impact. Growth in pain management, gastro/urology and movement disorder product lines continue to drive this business. Diabetes Diabetes revenue of $277 million grew seven percent or 12 percent after adjusting for an unfavorable $12 million foreign exchange impact. Diabetes revenue grew on strong sales of durable pump and continuous glucose monitoring systems as well as solid performance in markets outside of the United States. Surgical Technologies Surgical Technologies revenue of $207 million grew six percent or 10 percent after adjusting for an unfavorable $8 million foreign exchange impact. Sales of Navigation equipment including the Fusion Image Guidance Surgery System and O-Arm® Imaging System continue to be strong in addition to positive growth in service revenue associated with the equipment. Physio-Control Physio-Control reported $90 million in revenue, a decrease of four percent or an increase of one percent after adjusting for an unfavorable $5 million foreign exchange impact. Webcast Information Medtronic will host a webcast today, Feb. 17 at 8 a.m. Eastern Time (7 a.m. Central Time), to provide information about its businesses for the public, analysts and news media. This quarterly webcast can be accessed by clicking on the Investor Relations link on the Medtronic home page at www.medtronic.com and this earnings release will be archived at www.medtronic.com/newsroom. Within 24 hours, a replay of the webcast and a transcript of the company’s prepared remarks will be available in the “Presentations & Transcripts” section of the Investor Relations homepage. About Medtronic Medtronic, Inc., headquartered in Minneapolis, is the world’s leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease. Its Internet address is www.medtronic.com. This press release contains forward-looking statements regarding changes to our operating leverage, new acquisitions, new products, continued product acceptance, non-domestic and domestic growth and expected results in the fiscal fourth quarter, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risk and uncertainties described in Medtronic’s Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements.Unless otherwise noted, all comparisons made in this news release are on an “as reported basis,” not on a constant currency basis, and references to quarterly figures increasing or decreasing are in comparison to the third quarter of fiscal year 2008. Source: Medtronic, Inc. |
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