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After the bell, Medtronic (MDT) reported earnings of 55 cents a share, matching Wall Street's forecast:

Medtronic, Inc. today announced record revenue for the quarter ended January 27, 2006, of $2.770 billion, a 9 percent increase over the $2.531 billion recorded in the third quarter of fiscal year 2005. On a constant currency basis, growth was 12 percent with a negative currency translation impact of $72 million or 3 percent.

As reported, third quarter net earnings were $670 million or $0.55 per diluted share, an increase of 23 percent and 22 percent respectively over the prior year third quarter. Excluding the litigation charge included in the prior year third quarter, net earnings and earnings per share increased 20 percent.

"Solid overall growth was again led by our two largest product lines, implantable defibrillators and spinal products. These two product lines accounted for about 45 percent of the corporation's revenue and, on a constant currency basis, they collectively grew 22 percent compared to the prior year third quarter," said Art Collins, chairman and chief executive officer of Medtronic. "This year's growth reflects the impact of ongoing investments; for example, during this quarter R&D expenditures increased 16 percent to $280 million."

Posted by edelfenbein at February 21, 2006 4:20 PM