Bloomberg News

Medtronic’s Profit Falls After Charge for Blood Pressure Device

February 18, 2014

Medtronic Inc. (MDT:US), the world’s biggest maker of heart-rhythm devices, said fiscal third-quarter profit fell 23 percent after it took a charge for the 2010 acquisition of Ardian Inc. and its failed high blood pressure treatment.

Net income (JNJ:US) in the three months ended Jan. 24 fell to $762 million, or 75 cents a share, from $988 million, or 97 cents, a year earlier, the Minneapolis-based company said in a statement. Profit of 91 cents a share, excluding one-time items such as the write-off of Ardian assets, matched the average of 18 analyst estimates compiled by Bloomberg.

The company narrowed its earnings (BSX:US) forecast for fiscal 2014 to $3.81 to $3.83 a share, from $3.80 to $3.85 a share.

Medtronic rose less than 1 percent to $56.88 Friday in New York trading (JNJ:US). The shares have risen 21 percent in the past 12 months.

To contact the reporter on this story: Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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Companies Mentioned

  • MDT
    (Medtronic Inc)
    • $66.23 USD
    • 0.62
    • 0.94%
  • JNJ
    (Johnson & Johnson)
    • $102.81 USD
    • 0.18
    • 0.18%
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