Medtronic reports strong revenue growth in third quarter of 2016

Medtronic has announced its financial results for the third quarter of 2016, during which it delivered a revenue total of $6.9 billion (4.86 billion pounds).

This represents a year-on-year increase of six percent on a comparable constant currency basis, or 61 percent as reported. The completion of the firm's acquisition of Covidien has helped to expand the scope of its business.

Good progress has been made with the Covidien integration, which is delivering robust financial benefits and cost synergies, leading to significant free cash flow generation. All of Medtronic's main business divisions grew during Q3.

The company expects revenue growth for the fourth quarter to be in the range of 5.0 to 5.5 percent on a constant currency basis, which is consistent with its prior outlook.

Omar Ishrak, Medtronic chairman and chief executive officer, said: "Our performance in Q3 was solid, with sustained execution resulting in another quarter of market outperformance and revenue growth in the upper half of our mid-single-digit expectation."

This comes after Medtronic was recently named as one of the world's most admired companies by Fortune magazine.