Medtronic net earnings up 839 per cent

Medtronic has announced its net earnings increased by 839 per cent in the third quarter of the fiscal year 2009.

The medical technology company’s total income was $723 million (507.36 million pounds) and this translated into $0.65 per diluted share.

Its revenue outside the United States grew to $1.318 billion, an overall growth of one per cent – or nine per cent after adjusting the impact of foreign currency – and accounted for 38 per cent of the firm’s total revenue.

Globally, it recorded a three per cent increase of total revenue of $3.494 billion in this quarter, which it pointed out would be six per cent greater if the unfavourable exchange rates were taken into consideration.

Bill Hawkins, chairman and chief executive officer of the company, explained the results highlight how the firm continues to grow despite “global macroeconomic uncertainties and an unfavourable impact from foreign currency”.

In related news, it was reported today (February 17th 2009) that Medtronic is planning to buy Israeli start-up Ventor for $325 million in cash, according to Reuters.