Medtronic (MDT) Message Board

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Biotech / Medical : Medtronic (MDT)

MDT 90.70

-0.3%

Oct 31 9:30 AM EST

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To: Thomas J Pittman who started this subject	2/5/2004 11:09:40 AM
From: Jack Hartmann	Read Replies (2) of 687

MDT down hard 10% on CIBC rating cut and warning CHICAGO, Feb 5 (Reuters) - Medtronic Inc. (NYSE:MDT - News) shares fell in trading before the market opened on Thursday after the company indicated that growth in a key unit has slowed in recent weeks. ADVERTISEMENT The Minneapolis company late on Wednesday cited slower than expected sales growth of heart pacing devices such as implantable cardioverter defibrillators. Medtronic, the world's largest medical device maker, reduced its revenue outlook for its fiscal third quarter to $2.195 billion, up 15 percent from a year ago, but down from its December projection of $2.230 billion. The company noted that the market for ICDs, devices that slow down a racing heart beat, had slowed in recent weeks to about 20 percent. Many on Wall Street were predicting market growth of 25 percent.

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