Despite getting some great press for Barron’s, Medtronic’s (MDT) earnings report was rather uninspiring. The company’s fiscal Q4 earnings came in at $250 million, or just 22 cents a share. That’s a huge drop from the 78 cents a share it made a year. However, if you knock out all the charges, and there were many, the company made 82 cents a share which was in line with the Street. (Call Transcript)
The Wall Street Journal reports:
Revenue slipped 0.8% to $3.83 billion. In February, the company had said it expected revenue of about $3.84 billion. Excluding currency fluctuations, revenue grew 5%. Sales of heart-rhythm devices fell 5% as ICD sales declined 3.2%. The spinal business grew 1%.
Cardiovascular revenue was flat amid a 15% fall for stents, the scaffoldings that prop open arteries. The company said late Monday that the Endeavor stent was the first coronary stent to receive the European Economic Area’s CE mark of approval for treating patients with acute coronary syndrome, which includes unstable angina and heart attacks.