Medtronic Beats, Raises EPS Guidance

Medtronic, Inc. (NYSE: MDT), a leading medical device maker, reported today an 8% increase in second quarter revenue, to $3.838 billion. Its financial results for the second quarter of fiscal year 2010, which ended October 30, 2009, were higher than the second quarter of the 2009 fiscal year of $3.570 billion.

Analysts were expecting .74 earning per share, but Medtronic reported .77 earnings per share. The company saw an increase in revenue from international sales--revenue outside the U.S. grew 12% to $1.541 billion.

“Our solid financial performance this quarter was driven by consistent execution across our diversified portfolio of businesses,” said Bill Hawkins, Medtronic chairman and chief executive officer. “We are well-positioned to deliver on our commitments for the balance of our fiscal year and to launch innovative new products to drive further growth in the coming years.”

MDT also raised its EPS guidance for fiscal year 2010 EPS guidance to a range of $3.17 to $3.22, which compares to the previous guidance of $3.10 to $3.20. This updated guidance represents fiscal year 2010 EPS growth of 11 percent to 13 percent, after adjusting for $0.06 to $0.07 of acquisition dilution, according to the company.