Medtronic beats estimates on higher 2Q sales
Published 9:07 am Wednesday, November 23, 2011
WASHINGTON — Medtronic Inc., the world’s largest medical device maker, reported higher-than-expected earnings Tuesday as sales of newer devices helped make up for an ongoing slump in its best-selling heart and spine implants.
For more than a year Medtronic has reported weaker sales of its two leading franchises, heart defibrillators and spinal implants, which account for about 40 percent of total sales. Tighter hospital budgets, reduced procedures and safety concerns have led doctors to implant fewer devices. Those trends continued in the most recent period, with combined sales of the devices falling 5 percent.
But overall revenue rose 3 percent in the second fiscal quarter to $4.13 billion, helped by sales of heart valves, stents and other upgraded products, the Minneapolis-based company reported.