Medtronic aims to defend share in device markets

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MINNEAPOLIS/CHICAGO, June 2 (Reuters) – Medtronic Inc (MDT.N), the world’s largest stand-alone medical device maker, on Tuesday said it expects to preserve and expand its share in markets ranging from pacemakers and defibrillators to stents and spinal devices.

“Our goal is to protect and grow our leadership position in all of our markets,” Medtronic Chief Executive William Hawkins said at an analyst day at the company’s Minneapolis headquarters.

Company executives confirmed a fiscal 2010 revenue growth target of 5 percent to 8 percent on a constant-currency basis, noting the forecast assumes stable market share. That compares with low to mid-single-digit growth in the medical technology industry overall this year.

Executives also reiterated an earnings forecast of $3.10 to $3.20 per share for 2010, implying a profit growth rate in the range of 9 percent to 12 percent. Management said it would employ share buybacks, operating margin improvements and tax strategies to back its growth pledge.

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