Medtronic highlights ‘steady growth’ in fourth quarter

Medtronic has published its financial report for the fourth quarter of its 2010-11 business year, during which it experienced a "steady" rate of growth.

The medical device manufacturer's revenue for the three months ending on April 29th 2011 came to $4.3 billion (2.61 billion pounds), up by two percent year on year on a reported basis.

Medtronic attributed this to growth in key business areas such as coronary and peripheral, structural heart and endovascular, as well as its performance in emerging markets and fields of research.

This contributed to a full-year revenue total of $15.93 billion, an increase of one percent on the previous 12-month period as reported.

Bill Hawkins, Medtronic's outgoing chairman and chief executive officer, said: "We continue to advance our industry-leading pipeline, making strategic investments in our emerging technologies and emerging market operations that will drive our performance and position us well for future growth."

Mr Hawkins will be succeeded next month by Omar Ishrak, who joins the company from GE Healthcare.