Medtronic reports revenue growth, income loss
Memphis Business Journal
Medtronic Inc. reported revenue of $3.6 billion for the fiscal second quarter ending Oct. 24, a 16 percent increase compared to $3.1 billion in the year ago quarter.
The company reported third quarter net income of $571 million, a drop of 14% compared to $666 million in the third quarter last year.
Revenues in the Memphis-based spinal division grew to $829 million in the second quarter. That’s up 26 percent over $660 million in the second quarter last year.
Overall, U.S. revenues grew by 12 percent. Revenues outside the states grew 18 percent. Medtronic (NYSE: MDT) CEO Bill Hawkins said the growth results “in challenging economic times reflect the benefit of a globally diversified product portfolio.”
However, the company cut its 2009 revenue projections to a range of $14.6 billion-$15 billion from a previous projection range of $15 billion-$15.5 billion. The updated guidance was based on year-to-date results and an expected $300 million-$400 million negative revenues impact in the second half of the fiscal year based on exchange rates, according to a news release.
Medtronic's Spinal & Biologics unit is located in Memphis, where it employs about 1,300 people who work with surgeons, researchers and others to make technologies for neurological, orthopedic, dental and spinal conditions.
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