Medical device maker Medtronic reports 25.5% rise in profit

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Medtronic reported a better-than-expected quarterly revenue on Thursday on greater demand for its coronary heart valves and diabetes gadgets resembling insulin pumps.

Gross sales within the cardiac and vascular unit, which sells defibrillators, pacemakers, coronary heart valves and stents, jumped 10.1 p.c to $three.14 billion within the fourth quarter, accounting for 38.5 p.c of the corporate’s whole gross sales.

Rival Edwards Lifesciences final month mentioned its premium-priced transcatheter coronary heart valves had misplaced market share in Europe to Medtronic.

Medtronic’s coronary & structural coronary heart unit, which homes the transcatheter valves, noticed gross sales of $1.01 billion, an 18.7 p.c enhance.

Gross sales within the firm’s diabetes unit rose 26 p.c to $645 million, helped by robust demand for its new sensor-augmented insulin pump methods.

Internet earnings attributable to the corporate jumped 25.5 p.c to $1.46 billion, or $1.07 per share, within the quarter ended April 27.

Excluding gadgets, the corporate earned $1.42 per share, beating the common analyst estimate of $1.39.

Income rose 2.9 p.c to $eight.14 billion.

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