Medtronic announces second quarter financial results

Medtronic has announced its financial results for the second quarter of fiscal year 2008, reporting revenue of $3.124 billion (1.5 billion pounds).

The company’s second-quarter revenue saw a two per cent increase over the $3.075 bullion reported at the same time last year.

Commenting on the results, Medtronic’s president and chief executive officer Bill Hawkins stated: “With our broad diversified business portfolio and the opportunity to accelerate growth outside the US, we remain optimistic about our strong growth potential going forward.”

Mr Hawkins acknowledged that the company’s voluntary suspension of Fidelis had a negative impact on business for the quarter but confirmed that suspension was the right decision because it was essential to ensure the safety of patients.

Medtronic’s cardiac rhythm disease management (CRDM) revenue had decreased by eight per cent to $1.148 largely as a result of the suspension of the Fidelis defibrillator.

However revenue growth was recorded in the company’s spinal, cardiovascular, neuromodulation, diabetes and ear, nose and throat units.

Earlier this month, Medtronic announced that it had received 510(k) marketing clearance from the US Food and Drug Administration for the Complete Self-Expanding Bilary Stent System.

The system is intended for use in the palliative treatment of malignant neoplasms in the biliary tree.