Medtronic earnings fall after Kyphon charges

The medical device maker, Medtronic Inc, reports fall in third quarter earnings on charges related to the acquisition of Kyphon, the spinal implants maker.

BY: admin | Thu Jul 10, 2008

For the quarter ending January 25, net earnings were $77 million, or seven cents a share, compared with $710 million, or 61 cents a share, a year earlier, the Fridley-based company said.

Revenue rose twelve percent to $3.41 billion from $3.05 billion in the same quarter a year ago, offset by strong international sales.

Excluding special items, Medtronic said it earned $713 million, or 63 cents per share, above consensus estimate of 61 cents a share.

Growth prospects
Bill Hawkins, Medtronic president and CEO, said in a statement: "Our quarterly performance reflected the double digit growth in our Neuromodulation, Diabetes, Spinal and ENT businesses and the successful close of the Kyphon acquisition.

"Combined with Medtronic's continued strong track record outside the U.S. and our broad and diversified portfolio, we remain optimistic about our long-term growth prospects," Hawkins said.

February 19, 2008