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Biotech / Medical : Medtronic (MDT) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis who wrote (658)	2/11/2004 4:50:23 PM
From: Dennis	Respond to of 687

Market News > Market Commentary > News Story Medtronic Net Rises But ICD Sales Slow 4:28 p.m. 02/11/2004 Provided by CHICAGO (Reuters) - Medtronic Inc. (MDT) on Wednesday said quarterly earnings rose, but slower market growth of implantable heart defibrillators, a key sales driver in recent quarters, dampened revenue growth. Medtronic, the world's largest medical device maker, reported a net profit of $464.4 million, or 38 cents a share, in its fiscal third quarter ended Jan. 23. That compared with a net profit of $427.7 million, or 35 cents a share, in the quarter a year ago. Excluding items, the company earned 40 cents per share. Analysts were expecting a profit of 40 cents per share, according to Reuters Research, a unit of Reuters Group Plc. Revenue, helped by the weaker dollar, rose to $2.19 billion in the latest quarter from $1.91 billion a year ago. Minneapolis-based Medtronic said quarterly revenue from sales of its profitable, implantable cardioverter defibrillators (ICDs), devices that slow a speeding heartbeat, rose 17 percent in the latest quarter from a year ago, below initial forecasts. Revenue from sales of pacemakers, implantable devices that regulate a slow heartbeat, rose 7 percent in the quarter. Shares of Medtronic, which tumbled from record levels last week after the company told Wall Street to expect slower revenue growth, closed at $47.38, up 88 cents, on the New York Stock Exchange on Wednesday. Copyright © Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. -------------------------------------------------------------------------------- ©Copyright 1998-2003 FMR Corp. All rights reserved. Terms of Use.