Medtronic's Santa Rosa-based vascular business grew 12 percent last year, powered by new product launches in the United States and international markets, the company said Tuesday.
"We expect to become the global market share leader in coronary stents in fiscal year 2013," Medtronic chief financial officer Gary Ellis told Wall Street analysts.
The Santa Rosa division, which employs 840 workers in Sonoma County, makes coronary stents and stent graft systems for treating artery disease. The business reported $2.4 billion in global sales for the fiscal year ending April 27, up from $2.1 billion in 2011.
The vascular division saw 11 percent growth in the fourth quarter after Medtronic launched its next-generation Resolute Integrity coronary stent in the U.S. market. Stents are tiny wire mesh tubes that physicians implant in heart patients' clogged arteries to keep blood flowing.
The product, which has been available in Europe since 2010, helped Medtronic double its sales of drug-coated stents in the U.S., CEO Omar Ishrak told analysts Tuesday. The medical device also is gaining market share outside the U.S. and is being prepared for launch in Japan, the company said.
The Santa Rosa unit's endovascular business also is growing, with the launch of its Endurant stent graft in Japan last quarter. The Endurant device is used to treat abdominal aortic aneurysms, dangerous bulges in the body's main artery that can cause internal bleeding and death.
Companywide, Medtronic reported $4.3 billion in the fourth-quarter sales, up 3 percent from last year. It includes $669 million in sales by its Santa Rosa division, up from $605 million a year ago.
Earnings jumped 28 percent to $991 million or 94 cents per share.
The company forecast revenue growth of 2 to 4 percent in 2013.
Medtronic shares closed Tuesday at $36.96 on the New York Stock Exchange, down 2 percent from Monday's close.