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news.Medtronic, a medical technology company, has recorded revenues of $3.71 billion in the first quarter of fiscal 2009, a 19% increase over the $3.13 billion reported in the first quarter of fiscal 2008.
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Net earnings for the first quarter of fiscal year 2009 were $747 million, or $0.66 per diluted share, an increase of 11% and 12%, respectively, over the same period in the prior year.
Revenue in the cardiovascular, neuromodulation and surgical technologies product lines each grew more than 15% in the first quarter. Revenue outside the US of $1.46 billion grew 24% led by the diabetes, spinal and surgical technologies businesses. Revenue outside the US accounted for 39% of Medtronic’s revenue in the first quarter of fiscal 2009.
Bill Hawkins, CEO of Medtronic, said: In addition to the strong revenue growth driven by our diversified product portfolio, we were pleased to see continued progress in our efforts to deliver operating leverage as demonstrated by a 25% increase in operating income.