Medtronic has reported a 15 percent jump in quarterly revenues, led by strong growth of the firm's implantable cardioverter defibrillator (ICD) and spinal products.
Total revenues climbed to $2.765 billion in the fiscal second quarter, which ended Oct. 28, up from $2.400 billion in the same period last year. Revenues of the firm's ICDs grew 34 percent to $733 million in the quarter, the firm reported.
The firm's largest revenue generator is its Cardiac Rhythm Management (CRM) division, which had quarterly revenues of $1.289 billion, a 17 percent growth over the same period last fiscal year. "Market share gains in the quarter also reflect, in part, the changing competitive dynamics in the marketplace," Medtronic said.
The ICD market has been volatile in light of recent safety problems, and analysts said Medtronic gained market share after rival firm Guidant issued recalls on its ICDs. Guidant recently reported sharply lower third-quarter earnings, including ICD sales that decreased 26 percent to $331 million in the quarter.