A softer global healthcare market affected by decreased utilization and increased pricing pressure contributed to a difficult first quarter for interventional technology firm Medtronic of Minneapolis.
Revenue in the quarter (end-July 30) decreased 4% to $3.77 billion, compared with $3.93 billion in the first quarter of fiscal 2010. First-quarter net earnings, however, increased 87% to $830 million, compared with $445 million in the same quarter of fiscal 2010.
The company's revenue outside the U.S. in the first fiscal quarter totaled $1.54 billion, the same as in the first quarter of 2010.
Medtronic also forecast revenue growth of 2% to 5% in fiscal year 2011.
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