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Medtronic climbs to 2008 high on stronger Q4 net

Published: 10:32 21 May 2013 EDT

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Medtronic Inc. (NYSE:MDT), the world’s biggest maker of heart-rhythm devices, jumped to the highest price in more than four years, after reporting better-than-expected quarterly profit helped by strong international sales.

The shares climbed 7.9 percent to $53.83, the highest price since Sept. 12, 2008 at 9:52 a.m. in New York on Tuesday. The stock gained approximately 23 percent since the beginning of the year through Monday.

Excluding special items, Medtronic earned $1.10 a share in the quarter ended April 26, the Minneapolis, Minnesota-based company said in a statement on Tuesday. This beat the analysts' expectation of $1.03 a share.

Per-share net income rose 1 percent in the fiscal fourth-quarter to 95 cents a share, from 94 cents a share, a year earlier, the company said.

Net sales rose 4 percent to $4.46 billion, also above the analysts' prediction of $4.39 billion.

The company anticipates fiscal 2014 earnings of $3.80 to $3.85 a share on revenue growth of 3 percent to 4 percent on a constant currency basis. Analysts are looking for $3.84 a share on a 3 percent revenue increase.

"We continue to lead in the global medical technology marketplace, and we are making meaningful progress in globalizing our strategies and operations as well as strengthening our clinical and economic value propositions for our customers and partners," Chief Executive Officer Omar Ishrak said in the statement.

Defibrillator sales gained 1.5 percent to $755 million in the quarter, the first increase since the same quarter in 2010. Revenue from pacemakers climbed 2.6 percent to $505 million, the first gain since the company introduced an MRI-safe device at the end of 2011.

Ishrak said in a conference call on Tuesday that demand for spinal products in the U.S. also increased during the quarter. He said sales of defibrillators and spinal products rose in the U.S. in the same quarter for the first time in four and a half years.

 

 

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