Medtronic, the leading medical device and technology company, posted a revenue of $15.817 billion for the fiscal year 2010. Revenues are up 8 percent from FY 2009.

The company reported a fourth quarter revenue of $4 billion, a first for the company in its over 60 year history. The 4Q revenue is a 10 percent increase from the same time in 2009. According to the statement released by the company the 4Q net earnings are a reflection of the eradication of the federal tax deductions of federal tax deductions for Medicare prescription drug benefits.

Internationally, the company’s revenue grew to 15 percent ending in $6.451 billion.

“Across businesses and geographies, we have been executing against our strategy, resulting in a record $4 billion quarter,” said William A. Hawkins, chairman and chief executive officer in a statement. “We continue to strengthen our core businesses and have launched new therapies that today address a growing number of unmet chronic medical needs. We have a number of exciting new therapies we are preparing to launch in fiscal 2011,
which will further solidify our leadership position in the markets we serve.”

Revenue grew in Medtronic’s major health areas including cardiac rhythm disease management, cardiovascular, spinal, neuromodulation, diabetes, surgical technologies and physio-control. The company is known for exhaustive research and the development of treatments for chronic disease and pain.

“We have the most robust portfolio of products and compelling therapies in the industry, and we remain focused on providing innovative, cost‐effective solutions to the global challenge of chronic diseases affecting more people worldwide than ever before,” said Hawkins.

Source: Medtronic