Medtronic (MDT) strengthened its European portfolio by launching the Protecta portfolio of implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). The two products have been designed to provide life-saving shock therapy to help regularize heartbeats in patients suffering from irregular heartbeats, a phenomenon known as ventricular arrhythmias, which often leads to sudden cardiac death.

Medtronic derives revenues from seven divisions – Cardiac Rhythm Disease Management (CRDM), Spinal, CardioVascular (CV, combined Cardiac Surgery and Vascular segments), Neuromodulation, Diabetes, Surgical and Physio-Control. During fiscal 2010, these segments accounted for 33%, 22%, 18%, 10%, 8%, 6% and 3%, respectively.

Cardiac Rhythm Disease Management (CRDM) is the largest segment at Medtronic, which recorded $5.3 billion in sales in fiscal 2010, up 5% from fiscal 2009. Global revenues of ICDs increased 7% to $3.2 billion in 2010.

The US ICD market grew in low single-digit during the last quarter with the worldwide ICD market growing in the mid single-digit range. During the last quarter, one of Medtronic’s competitors had to halt shipments of all ICD products in the US for a certain time period. Medtronic benefited from this recall and captured roughly 2/3 of the lost revenue from the US ICD market, which amounted to $60 – $70 million in the quarter. Thus, US ICD market share increased by nearly 500 basis points during the quarter.

Medtronic has an approximately 50% market share of the CRDM market, its largest line of business. A higher demand for ICD fueled growth in the CRDM segment. This is expected to bolster the company’s strong position in the cardiac market against its closest rivals, Boston Scientific Corporation (BSX) and St. Jude Medical (STJ).

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