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Medtronic 2Q profit rises on favorable comparison

Tue, 11/22/2011 - 2:45am
The Associated Press

Medical implant maker Medtronic Inc. says its second-quarter profit jumped more than 50 percent because of a favorable comparison to last year's quarter, which was weighed down by legal costs.

The company reported net income of $871 million, or 82 cents per share, compared with $566 million, or 52 cents per share, in the same quarter last year.

Excluding one-time items, the company would have earned $898 million, or 84 cents per share. Revenue edged up 3 percent to $4.13 billion.

Those esults topped analyst expectations for earnings of 82 cents per share on revenue of $4.07 billion.

For over a year Medtronic has reported weaker sales of its leading franchises, defibrillators and spinal implants, because of tighter hospital budgets and reduced procedures.

Medtronic is based in Minneapolis.

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