Medtronic Announces 3 Percent Third-Quarter Growth

Medtronic made nearly half of its sales outside of the United States in the third-quarter ending Jan. 25 that saw revenue climb by 3 percent over figures from a year ago.

That's according to the Fridley-based company's news release accompanying its earnings report for the quarter announced Tuesday.

"Counting the impact of differences in foreign currency, company revenues grew 4 percent over the third quarter a year ago," the Star Tribune reported.

The company is "still in the process of strengthening and geoghraphically diversifying," Medtronic CEO and Chairman Omar Ishrak said on a call announcing the earnings Tuesday.

Here is how Medtronic presented its third-quarter earnings information in a statement Tuesday:

The Company reported worldwide third quarter revenue of $4.027 billion, an increase of 4 percent on a constant currency basis after adjusting for a $41 million foreign currency impact, or a 3 percent increase as reported. As detailed in the attached table, third quarter net earnings and diluted earnings per share on a non-GAAP basis were $946 million and $0.93, an increase of 7 percent and 11 percent, respectively, over the same period in the prior year. As reported, third quarter net earnings were $988 million, or $0.97 per diluted share, an increase of 6 percent and 10 percent, respectively, over the same period in the prior year.

Third quarter international revenue of $1.856 billion increased 7 percent on a constant currency basis or 5 percent as reported. International sales accounted for 46 percent of Medtronic’s worldwide revenue in the quarter. Emerging market revenue of $475 million increased 21 percent on a constant currency basis or 20 percent as reported and represented 12 percent of Company revenue.

“We remain committed to delivering dependable growth in a changing healthcare environment as reflected in our third quarter performance,” said Omar Ishrak, Medtronic chairman and chief executive officer. “Several businesses and regions contributed to our steady growth this quarter, and we are focused on effectively managing headwinds and tailwinds to deliver balanced and consistent overall performance.”