Medtronic: Defibrillator market is stabilizing | Wall Street Beat
The prolonged slump in the U.S. defibrillator market appears to have stabilized, according to medical device company Medtronic.
Medtronic (NYSE:MDT) said the slump that's hit its bread-and-butter cardiac rhythm management division where it hurts appears to have stabilized, despite the 5% sales slide during its fiscal 1st quarter.
The Fridley, Minn.-based firm, which is the world's largest pure-play medical device company, posted $1.19 billion in revenues for its cardiac rhythm disease management segment during the 3 months ended July 27.
Chalking the decline up to "unfavorable foreign currency translation and market declines in the U.S. and Western Europe," Medtronic cited several positive signals in a regulatory filing this week.