Medtronic Profit Up on Strong Sales
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Medtronic Inc., the world’s largest medical device maker, said quarterly profit rose sharply on strong sales of cardiac devices and accelerating sales of new products.
The maker of insulin pumps, pacemakers and implantable cardiac defibrillators said earnings rose 14% to $389.9 million, or 32 cents a share, for its fiscal first quarter, up 14% from a year ago, matching analysts’ expectations. The results exclude a $6.6-million charge for the consolidation of Medtronic’s vascular operations.
Minneapolis-based Medtronic’s revenue rose 16.5% to $1.71 billion.
Medtronic’s shares closed up 60 cents, or 1.44%, to $42.40 on the New York Stock Exchange.
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