Corporate Acquisitions

Medtronic CEO Discusses Q2 2011 Results - Earnings Call Transcript

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In Brief...

Medtronic, Inc. (MDT) Q2 2011 Earnings Call November 23, 2010 8:00 am ET. During the next hour Bill Hawkins, Medtronic's Chairman and Chief Executive Officer and Gary Ellis, Chief Financial Officer, will provide comments on the results of our fiscal year 2011 second quarter, which ended October 29, 2010. With that, I'm now pleased to turn the call over to Medtronic Chairman and Chief Executive Officer, Bill Hawkins.. In diabetes, our new products in the U.S. and international markets are delivering meaningful growth and taking share, as we continue to extend our leadership as the only company with Sensor-Augmented Pumps.. In Endovascular, we launched the Talent Captivia Thoracic Stent Graft in the U.S. In transcatheter valves, we received CE Mark for a new CoreValve delivery system featuring our AccuTrak stability layer. We continue to work with the FDA to bring Arctic Front to the U.S. market and we are optimistic we will be able to launch this important product in the second half of this fiscal year.. Our Revel pump is holding share in the U.S. and our Veo pump with low glucose suspend is taking share in international markets.. Given the slightly softer markets and the continued wait for certain new products in the United States, we are setting our constant currency revenue growth outlook at 2% to 4% for the second half of fiscal 2011.. As in the past, my comments on guidance do not include any unusual charges or gains that might occur during the fiscal year, nor do they include the effects of the non-cash charged interest expense due to the accounting rules governing convertible debt.. And we saw little bit more pricing pressure on ICDs in the US than what we saw in Q1. Ardian is a great example and that has potential to be, as we all know, very big when you consider the sort of the unmet clinical need there and Transcatheter valves, when we get to the U.S. and some of the -- and atrial fibrillation, which we again are excited about here for the U.S.. If you look outside the U.S., with our competitors coming in on the DBS side, we saw a little bit more competition there. If you sort of add everything up, U.S. and O-U.S., it does look as though things are stabilizing. Is there any reason to think that some of the trends you're seeing in the U.S. will occur later in the fiscal year outside the United States and have you factored any of that into your guidance?. And back to your comment even on Endovascular, part of the reason we're still seeing strong growth in Endovascular outside the U.S. is because the new products have been launched.

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