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Medtronic Q3 Earnings Rise 19%

Medtronic has reported net earnings of $831m in the third quarter of fiscal year 2010, an increase of 19%, compared to the same period in 2009.

After adjusting for the impact of adopting a new accounting standard for non-cash interest expense on convertible debt effective the beginning of fiscal year 2010 and in-process research and development charges in the year ago period, third quarter net earnings on a non-GAAP basis were $857m, an increase of 8%over the same period in the prior year.

Medtronic reported a revenue of $3.851bn, a 6% increase after adjusting for a favorable $144m foreign exchange impact.

Cardiac Rhythm Disease Management (CRDM) revenue of $1.243bn grew 6% and 2% on a constant currency basis after adjusting for a favorable $54m foreign exchange impact.

CardioVascular revenue of $722m grew 28% as reported and 21% on a constant currency basis after adjusting for a favorable $39m foreign exchange impact.

Spinal revenue of $842m grew 1% as reported and declined 1% on a constant currency basis after adjusting for a favorable $17m foreign exchange impact.

Neuromodulation revenue of $394m grew 11% as reported and 8% on a constant currency basis after adjusting for a favorable $13m foreign exchange impact.

Diabetes revenue of $311m grew 12% as reported and 8% on a constant currency basis after adjusting for a favorable $11m foreign exchange impact.

Surgical Technologies revenue of $239m grew 15% as reported and 12% on a constant currency basis after adjusting for a favorable $7m foreign exchange impact.

Physio-Control revenue of $100m grew 11% as reported and 8% on a constant currency basis after adjusting for a favorable $3m foreign exchange impact.

Bill Hawkins, chairman and chief executive officer of Medtronic, said: “Our third quarter results reflect a building track record of delivering consistent execution on our financial commitments. In addition to the solid revenue growth and strong cash flows driven by our globally diversified product portfolio, we also continued to deliver meaningful operating leverage as demonstrated by a 20 percent increase in operating income.”