Originally published at www.seclive.com
Medtronic, Inc. (NYSE:MDT) announced its third fiscal quarter financial results, reporting revenue that increased but profit that declined. The Minnesota-based company, which develops and sells various medical products, saw overall revenue grow 3% from $4.027B to $4.163B. International sales, which accounts for nearly half of the company's revenue, improved 4% to $1.898B. Quarterly earnings were down 23% to $762M and $0.75 per share, impacted by charges related to research and development tax. Cardio Vascular Group sales improved 2% to $2.119B while Restorative Therapies Group sales increased 5% to $1.608B. Chairman and CEO Omar Ishrak stated that the company delivered strong performance and balanced growth, and expects the company to stay focused on operational excellence.
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