Medtronic sees further growth in first quarter of 2015

Medtronic has announced its financial results for the first quarter of its 2015 fiscal year, during which it generated worldwide revenue of $4.27 billion (2.57 billion pounds).

This represented a four percent year-on-year increase on a constant currency basis, or four percent as reported. The firm's innovation pipeline delivered strong results, while its US division saw its strongest revenue growth in five years.

Improved performances were reflected across its cardiac and vascular, restorative therapies and diabetes groups, reflecting the firm's commitment to its core strategies of therapy innovation, globalisation and delivering economic value.

For the full year, the company expects full-year revenue growth in the range of three to five percent on a constant currency basis.

Omar Ishrak, Medtronic chairman and chief executive officer, said: "Our first-quarter results are a solid start to fiscal year 2015. Our growth was broad based across businesses and geographies."

In the coming months, the firm will be greatly expanding the scope of its business after recently agreeing to purchase fellow medical technology firm Covidien for $42.9 billion.