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Medtronic 2Q profit falls 35 percent on costs

Tue, 11/23/2010 - 2:45am
The Associated Press

Medtronic's fiscal second-quarter profit fell 35 percent as legal and other costs outpaced weak gains in medical device sales, but adjusted results met Wall Street expectations.

The medical device maker, based in Minneapolis, says profit fell to $566 million, or 52 cents per share, from $868 million, or 78 cents per share, during the same period a year ago. Revenue rose less than 2 percent to $3.9 billion from $3.84 billion.

The rise in sales was not enough to offset a 16 percent boost in expenses, driven by legal costs.

Excluding charges, Medtronic Inc. said it earned 82 cents per share. Analysts polled by Thomson Reuters expect earnings per share of 81 cents on revenue of $3.9 billion.

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