Medtronic Inc. the developer of medical technology reported on Tuesday its earnings for the fourth-quarter ended April 25 were $812 million, or 72 cents per share, compared with $812 million or 70 cents per share, a year earlier.
The Minneapolis-based medical group said excluding restructuring and buyout charges, the company earned 78 cents per share from 66 cents, above the 72 cents forecasted by analysts, according to a Thomson Financial poll.
The revenue in the fourth period increased 18 percent to $3.86 billion compared to $3.28 billion a year ago, Medtronic said. Analysts expected $3.72 billion.
The stabilization of the [implantable-cardioverter defibrillators] market, the launch of our Endeavor drug-eluting stent and strong performance in virtually every business and geography provides positive momentum as we begin our new fiscal year, said Bill Hawkins, the company's Chief Executive Officer, the WSJ noted.
Medtronic observed an important increase with its cardiovascular business, which rose 22 percent after benefiting from the launch of the Endeavor drug-coated stent in the U.S. earlier in February this year.
Sales of Medtronic Inc.'s Endeavor drug were of $81 million in the U.S. raising the market share of the company higher than analysts expected.
For the full fiscal year, the company reported earnings of $2.23 billion or $1.95 per share, lower than $2.8 billion or $2.41 a share the previous year. Revenue jumped to almost $13.52 billion, compared to $12.3 billion in the previous year.
The group estimated earnings of $2.94 to $3.02 a share for fiscal 2009 on revenue of $15 billion to $15.5 billion, below analysts expectations who projected earnings of $2.96 per share on revenue of $15.1 billion.
Shares of Medtronic rose 3.34 percent to $49.48 in the New York Stock Exchange by 11:18 a.m. Tuesday.