Medtronic Reports 3Q:06 Financials: Earnings In-line
BY JOHN CHOPACK, FEBRUARY 23, 2006
Medtronic reported that earnings totaled $670 million or $0.55 per diluted share which was in-line with analysts' expectations and represented a 22% increase over the 3Q:05. However, the Company's reported revenues for the 3Q:06, which totaled $2.77 billion was slightly below analysts' forecasts of $2.9 billion.
Growth was driven by implantable defibrillators and spinal products which accounted for 45% of the Company's revenues and collectively grew by 22% during the quarter.
Spinal revenues totaled $534 million during the 3Q:06 which was a 19% increase as reported and a 20% increase on a constant currency basis over the 3Q:05. The Company stated that Spinal Biologics revenues increased by 35% as a result of higher demand for their INFUSE™ bone graft. Medtronic also announced that their patient enrollment for the PRESTIGE® LP cervical disc trial was completed.
