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More on Medtronic FQ3: Failed trial hits net profit

  • Medtronic's (MDT +0.2%) net profit slumps to $762M from $988M a year earlier, which included a tax benefit.
  • Earnings also fell because Medtronic took charges for the failed trial of a therapy for high-blood pressure. The charges and other one-time items hit Medtronic's income by $0.16 a share.
  • Sales breakdown: implantable cardioverter defibrillators flat at $655M; pacemakers -4% to $439M; structural heart products +3% to $281M; spinal products -1% to $744M; diabetes +16% to $436M.
  • Emerging markets revenues +10% to $521M.
  • Medtronic narrows its 2014 EPS guidance to $3.81-3.83 from a previous prediction of $3.80-3.85. The company still expects revenue growth of 3-4%. (PR)
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