After a rough second half of last year, Medtronic (NYSE: MDT) is leaving its problems behind, and focusing on the future. Its new products -- some internally developed, some from an acquisition -- certainly give it reasons for optimism.

Revenue in Medtronic's fiscal third quarter rose 12% year over year. Much of that growth came from non-U.S. revenue, which grew 20% year over year. It now makes up 38% of Medtronic's top line.

The company's spinal neuromodulation, diabetes, and ear, nose, and throat (ENT) businesses experienced year-over-year double-digit revenue growth for the quarter. The spinal business was bolstered by Medtronic's Kyphon acquisition, but still grew 11% without it. Diabetes and ENT rose 14% and 15%, respectively.

Given the recent recall of its defibrillation leads, it was nice to see a 3% year-over-year increase in Medtronic's cardiac rhythm disease management division. The quick turnaround from last quarter's decline owed to the company's swift transition of patients from its Sprint Fidelis leads to Sprint Quattro leads. Medtronic lost some market share to competitors like Boston Scientific (NYSE: BSX) and St. Jude Medical (NYSE: STJ) during the quarter, as sales reps dealt with the recall. But it sounds like most of the damage is done, freeing those reps to get back to work.

Looking forward, the company has two big launches this quarter: its drug-eluting stent Endeavor, and the RestoreULTRA neurostimulator to control pain. The stent will compete in a tough market, with entrenched leaders Johnson & Johnson (NYSE: JNJ) and Boston Scientific putting up a good fight and Abbott Laboratories (NYSE: ABT) not far behind. Personally, I think Abbott has better data than Medtronic, but Medtronic has been able to compete well in Europe, where both stents are sold. Clearly, Medtronic is doing something right.

Add those two big launches to the recently acquired Kyphon products, and you can see why Medtronic's management is excited about its future. Call me cynical, but it's going to take a few quarters of solid sales of the new products to get me excited about the company's future.

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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Johnson & Johnson is a selection of the Income Investor newsletter. The Fool has a disclosure policy.