Medtronic posts profit of over €190m

MEDICAL DEVICE manufacturer Medtronic reported a pretax profit of €190.6 million from its main Irish business for the 12 months to the end of April last.

Medtronic Vascular Galway Limited, which is involved largely in devices for the cardiovascular sector, reported sales of €753.4 million for the period, according to documents filed with the Companies Registration Office.

The revenue came from sales to other group companies, largely in the United States and Switzerland.

It is not possible to compare the figures with the previous year as the company acquired the Irish manufacturing business of a fellow Medtronic subsidiary – Medtronic Vascular Holdings – just one month before the end of the 2009 fiscal year.

The company, which employs about 1,850 people at its operations in Galway, said it expected to boost earnings this year with the launch of additional products to its range in worldwide markets.

Medtronic Vascular, which also reported figures recently, saw turnover slide from €573.6 million in the year to the end of April 2009 to €173.4 million last year because of the movement of manufacturing assets to Medtronic Vascular Galway.

Medtronic Vascular Holdings is now engaged in the development and licensing of intellectual property rights related to medical technology in its product range.

The company reported an operating loss in the year to April 2010 of €2.56 million after allowing for losses on foreign exchange transactions of €14.5 million and operating costs of €161.3 million.

No dividend was paid during the period. A dividend of €13.9 million was paid to its US parent in 2009.