Interventional device vendor Guidant reported fiscal 2005 first-quarter sales (end-March 31) of $953 million, representing sales growth of $19 million, or 2% when compared with the prior year's $934 million.
The Indianapolis-based firm said that foreign-currency translations favorably impacted revenue by $13 million. Net income was posted as $162 million, a 16% uptick compared with the $139 million of income shown in the same period last year, the company said.
In related news, the developer reported milestones related to its pending merger with Johnson & Johnson. These included U.S. and European regulatory filings, as well as providing proxy materials to company shareholders in connection with the special meeting to approve the merger on April 27 this year.
If approved by Guidant shareholders, the transaction will remain subject to receipt of regulatory approvals and other customary closing conditions, the firm said.
By AuntMinnie.com staff writers
April 21, 2005
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