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Medtronic reports 61% increase in quarterly revenue

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Medtronic announced a 61% rise in quarterly revenue as part of its financial results for its third quarter of fiscal year 2016, which ended January 29, 2016

Medtronic, a medical device manufacturer reported a 61% rise in quarterly revenue to £4.9bn ($6.934bn).

In the third quarter of fiscal year 2015 Medtronic reported revenue of £3bn ($4.318bn) that rose by £1.9bn ($2.616bn) by the fourth quarter.

The company’s net income rose to £788m ($1.095bn), or 55p (77cents) per share in the third quarter ended Jan 29, from £700m ($977m), or 70p (98 cents) per share, a year earlier.

Omar Ishrak, Medtronic chairman and chief executive officer, said: "Our performance in Q3 was solid, with sustained execution resulting in another quarter of market outperformance and revenue growth in the upper half of our mid-single digit expectation.

"In addition, the Covidien integration is delivering robust operating leverage as we realise our committed cost synergies.  All of this is translating into significant free cash flow generation, which we are reinvesting in future growth opportunities while at the same time providing strong returns to our shareholders."

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