- 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)