Medtronic updates revenue guidance for 2007

Following the publication of its financial results for the third fiscal quarter of 2007, Medtronic has announced updated revenue and earnings per share (EPS) guidance for the full year.

With the company recording third-quarter revenues of $3.048 billion (1.563 billion pounds), a ten per cent increase on the same period last year, Medtronic has altered its projected revenue for 2007 from $12.2-$12.6 billion to $12.2-$12.4 billion.

EPS guidance has been altered from $2.30-$2.38 to $2.34-$2.38, with the lower end of the range being increased.

Art Collins, chairman and chief executive officer of Medtronic, said: “Third quarter financial results reflect the strength of Medtronic’s business portfolio, which is diversified by product line and geography, as well as improved operating leverage.”

He added that the company expected to see decent operating momentum throughout the 2008 fiscal year, with continuing progress on its market development and gains from its supply-chain management and productivity schemes.

Earlier this week, the company announced its first implant of a Melody transcathater valve in the US to investigate the treatment of patients needing congenital pulmonary heart valve replacements.

The full clinical trial will involve 30 patients at three children’s hospitals in Boston, New York and Miami.