Medtronic reports double-digit growth in first quarter of new fiscal year

Medtronic has announced strong growth during the first quarter of its 2016 business year, which ended on July 31st 2015.

The company reported first-quarter worldwide revenue of $7.27 billion (4.76 billion pounds), an increase of 12 percent on a comparable constant-currency basis, or 70 percent in reported terms.

Medtronic's acquisition of Covidien last year was a key driver in this, with all four of its main business units contributing to revenue growth that was at the upper end of its internal forecasts.

It has seen particularly strong US growth and continues to pursue further expansion through the recent acquisitions of Aptus Endosystems, CardioInsight Technologies, Medina Medical and Twelve.

The firm continues to forecast full-year revenue growth in the range of four to six percent on a comparable constant-currency basis.

Omar Ishrak, Medtronic's chairman and chief executive officer, said: "We continue to strengthen and geographically diversify our businesses and remain confident in both our outlook for the remainder of the year and our long-term competitive position in the changing healthcare environment."