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Medtronic Combines Diverse Businesses Into Two Operating Units

by Lynn Shapiro, Writer | September 01, 2009
-Diabetes revenue of $295 million grew 10 percent, or 15 percent, after adjusting for an unfavorable $14 million currency translation impact, on strong U.S. insulin pump and continuous glucose monitoring (CGM) product sales, as well as sales of consumables in Europe. International sales climbed 14 percent. During the quarter, the business unit launched the Paradigm Veo pump in the UK and Ireland, the first semi-closed loop product, extending its lead as the only company with a proprietary CGM sensor augmented pump.
-Revenue from surgical technologies grew to $227 million, up 12 percent, or 16 percent, after adjusting for an unfavorable $7 million currency translation impact. Revenue in the business unit grew on sales of the monitoring product line, the launch of NIM 3.0, a new nerve integrity monitor as well as strong ear, nose and throat and neurological power disposable sales. In Europe, sales of navigation equipment used in both brain and spinal surgery procedures were also strong during the quarter.
-Physio-Control reported $97 million in revenue, up 3 percent, or 7 percent after adjusting for an unfavorable $4 million currency translation impact. The launch of the LIFEPAK 15 monitor/defibrillator contributed to revenue growth in the quarter, the company said.

Despite this growth, Medtronic said that first fiscal quarter net income fell 38 percent for the quarter, largely due to a $360 million (32 cents a share) payment to Abbott Laboratories to resolve the two companies' protracted patent litigation over their drug-eluding stents.

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The companies agreed to end the dispute over their stent technologies, saying the money was better spent on product development.

Read more on DOTmed:

Medtronic Earnings Fall on Patent Charge; Core Business Sales Climb

Abbott and Medtronic Resolve Stent Patent Litigation

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