Interventional device developer Medtronic reported increased revenue of 6% for its second quarter of fiscal 2016.
For the quarter (end-October 30), the company reported that revenues increased to $7.1 billion, 62% when compared with the $4.4 billion in the second quarter of 2015. Net income was $520 million, a decrease of 37%, driven primarily by a nonrecurring tax adjustment resulting from the company's previously disclosed September 28 internal reorganization due to the Covidien integration. The integration allowed approximately $9.8 billion ($9.3 billion net of tax) of cash, cash equivalents, and investments in marketable debt and equity securities previously held by U.S.-controlled non-U.S. subsidiaries to be available for general corporate purposes.
For the second half of 2016, the company expects to be in the upper half of its midsingle digit revenue growth range on a comparable, constant currency basis. The company expects a negative impact from foreign currency in the second half of 2016 of approximately $425 million to $725 million based on current exchange rates.
