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Medtronic 2011 Q4 Results

Posted on | May 24, 2011 | Comments Off

Medtronic failed to hit earnings this quarter as they reported a 19% drop in fourth-quarter profits.  The company earned $776 million or 72 cents per share in the quarter.  Charges related to lay-offs in the range of $198 million hurt profits and excluding these items, the company earned more like 90 cents per share.

Sales rose 2 percent in the quarter from $4.2 billion to $4.3 billion.

The 2012 guidance is pretty light as well as provided by Medtronic forecasting revenue growth of 1 to 3 percent in the range of $16.1 billion to $16.41 billion.

Sales in the company’s biggest business, the implantable cardioverter defibrillators fell 16% as US sales slumped.

The stock is down just slightly in trading on release of the earnings.

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