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Medtronic 1Q net income climbs to $830 million

Tue, 08/24/2010 - 3:45am
The Associated Press

Medical device maker Medtronic says its first-quarter earnings jumped to $830 million, but revenue fell in a soft global health care market.

The world's largest medical-device company says it earned 76 cents per share in the three months that ended July 30. That compares to net income of $445 million, or 40 cents per share, last year, when restructuring charges and legal fees weighed down performance.

Medtronic, which is based in Minneapolis, says revenue fell 4 percent to $3.77 billion.

Excluding one-time costs, the company earned 80 cents per share.

Analysts expected earnings of 80 cents per share on $3.94 billion in revenue.

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