Medtronic enjoys rise in profits

 

Medtronic the world's largest medical device maker, said yesterday its quarterly profits rose, boosted by strong sales of a device to treat congestive heart failure.

Medtronic employs 1,300 at its manufacturing plant in Galway. Last July it announced plans to recruit a further 400 workers at the Parkmore facility, making it one of Galway's biggest employers.

The maker of insulin pumps, pacemakers and defibrillators said net earnings for its fiscal second quarter ended October 31st, 2002 increased to $301.7 million (€299 million) or 25 cents a share, up from $66.7 million or five cents a share last year.

Both periods include charges related to acquisitions. Excluding the charges, the firm earned 34 cents a share.