Medtronic, Inc. (NYSE: MDT) said Tuesday that fourth-quarter profit declined to $776 million, or 72 cents a share, from $954 million, or 86 cents a share, in the prior-year quarter. Revenue climbed to $4.30 billion, from $4.20 billion a year ago. Analysts, on average, expected the company to report earnings of 93 cents per share on revenue of $4.29 billion.
"We saw steady growth across most of our businesses and geographies, which was offset by challenging dynamics in the U.S. implantable cardiac defibrillator (ICD) and Spinal markets," said Bill Hawkins, Medtronic chairman and chief executive officer. "We continue to advance our industry-leading pipeline, making strategic investments in our emerging technologies and emerging market operations that will drive our performance and position us well for future growth."
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