Medtronic revenues rise in third quarter - Minneapolis / St. Paul Business Journal:

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billion for the fiscall third quarterending Jan. 23, a 3 percentt increase comparedto $3.4 million for the year-ago quarter. For the thirr quarter the company reported net incomeof $723 or $0.65 per diluted share, an increasde of 839 percent compared to $77 million in the year-agpo quarter. That quarter’s earnings were dampened by $187 milliomn in charges related to a lawsuit over a heart stentgwith . Company CEO Bill Hawkins said despitea $110 millionn foreign exchange impact, four of seven business units saw double-digit revenue growth for the lates t quarter. Revenues in the Memphis-based spinal divisions grew 3 percentrto $832 million. Medtronic’s stoclk price closed up 5.
3 percent Tuesday, to $34.5 per share. The company beat Wall Street expectations with adjustes earningsof $0.71 per sharse as analysts predicted earnings of $0.70 per The company adjusted the earnings figurde up $0.06 because of $72 million of research and developmenty charges that have not yet hit the books. The compan has lost market share of its implantable cardiac defibrillator to rivalsa and After adjustingfor in-process research and development charges of $72 million, or $0.06 per share, non-GAAo net earnings and diluted earnings per shard in the period were $795 million, or $0.
71 per diluted share Baser outside of Minneapolis, Medtronic (NYSE: MDT) is the world’ws largest medical device company. Its spinal and biologicsz business units are based in Memphies where itemploys 1,550.