Medtronic Earned 62 Cents a Share

The AP has the details:

Medical device maker Medtronic Inc.’s profits grew 12.6 percent in the first quarter, but it will be looking to some of its new products to keep that momentum going for the rest of the year.
The maker of pacemakers, spinal implants and insulin pumps has hit a few speedbumps recently, especially in the important market for implantable defibrillators and pacemakers. Recalls at rival Guidant Corp. as well as Medtronic have hampered the market.
New products, including its Endeavor drug-coated stent and its BRYAN Cervical Disc implant, should help, said President and incoming CEO Bill Hawkins.
“It’s really the breadth of our whole portfolio that is going to drive growth in the back half of this year,” he said in an interview.
Medtronic could also get a boost from recovery at its Physio-Control subsidiary for external defibrillators. Plans to spin it off were put on hold after shipments were suspended in January because of unspecified quality problems.
Hawkins told analysts that the company has been working with the FDA on corrective action, and that it has resumed limited shipments, and plans to resume full U.S. shipments in the second half of the current fiscal year. Hawkins said Medtronic would still look to spin off Physio-Control “at the appropriate time.”
Fridley-based Medtronic had launched a direct-to-consumer advertising campign for its implantable heart devices, but Hawkins said on Tuesday that campaign has wrapped up.
Medtronic said it earned $675 million, or 59 cents per share, up from $599 million, or 51 cents per share, during the same period last year. Revenue rose almost 8 percent to $3.13 billion, from $2.9 billion a year ago.
Not counting certain items, Medtronic said it earned 62 cents per share. That matched the expectation of analysts surveyed by Thomson Financial.
Non-U.S. revenue of $1.18 billion was up 16 percent. For the quarter, 38 percent of Medtronic’s revenue came from outside the U.S.

Here are the recent financial stats:
Quarter………..EPS………….Sales
Jul-01…………$0.28………..$1,455.70
Oct-01………..$0.29………..$1,571.00
Jan-02………..$0.30………..$1,592.00
Apr-02………..$0.34………..$1,792.00
Jul-02…………$0.32………..$1,713.90
Oct-02………..$0.34………..$1,891.00
Jan-03………..$0.35………..$1,912.50
Apr-03………..$0.40………..$2,148.00
Jul-03…………$0.37………..$2,064.20
Oct-03………..$0.39………..$2,163.80
Jan-04………..$0.40………..$2,193.80
Apr-04………..$0.48………..$2,665.40
Jul-04…………$0.43………..$2,346.10
Oct-04………..$0.44………..$2,399.80
Jan-05………..$0.46………..$2,530.70
Apr-05………..$0.53………..$2,778.00
Jul-05…………$0.50………..$2,690.40
Oct-05………..$0.54………..$2,765.40
Jan-06………..$0.55………..$2,769.50
Apr-06………..$0.62………..$3,066.70
Jul-06…………$0.55………..$2,897.00
Oct-06………..$0.59………..$3,075.00
Jan-07………..$0.61………..$3,048.00
Apr-07………..$0.66………..$3,280.00
Jul-07…………$0.62………..$3.127.00

Posted by on August 22nd, 2007 at 9:19 am


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