Medtronic, a provider of cardiovascular devices, has reported revenues of $3.9bn for the second quarter of fiscal year 2011 ended 29 October 2010, an increase of 2%, compared to $ 3.838bn for the second quarter of fiscal year 2010.
Medtronic has posted a net income of $566 m for the second quarter, or $0.52 per diluted share, a decrease of 35% over the same period in the prior year.
Medtronic has posted an international revenue of $1.608bn, a 4% increase compared to the same period last year, or an increase of 6% after adjusting for a $29m negative foreign currency impact.
The Cardiac and Vascular Group, which consists of Cardiac Rhythm Disease Management (CRDM), CardioVascular, and Physio-Control, reported worldwide sales of $2.1bn, which represents an increase of 1% as reported or 2% after adjusting for foreign currency.
The Restorative Therapies Group, which includes Spinal, Neuromodulation, Diabetes, and Surgical Technologies, had worldwide sales of $1.81bn, which represents an increase of 2% as reported or 3% after adjusting for foreign currency
Medtronic chairman and CEO Bill Hawkins said that overall, they saw relative market stability from July through October in a challenging market environment with more consistent performance in businesses, resulting in sequential share gains in ICDs, pacemakers, spine and drug-eluting stents.