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Profit climbs 11% at Medtronic

Medtronic Inc.'s first-quarter earnings beat Wall Street estimates Tuesday on a combination of lower expenses and higher sales of devices to treat clogged arteries, fractured spines and other ailments.

The world's largest medical device maker posted a profit of $747 million, or 66 cents per share, up 11 percent from $675 million, or 59 cents per share, in the same quarter last year.

Double-digit growth of Medtronic's stent, spinal and electrical-stimulation devices helped offset lackluster growth in the company's largest business unit, heart-shocking defibrillator implants.

Chief Executive Bill Hawkins told analysts that because of the diversity of Medtronic's product line, some businesses are bound to underperform while others grow.

"On the whole, the broad med-tech market continues to show solid growth, particularly when compared to other segments of the economy," Hawkins said   Read Full Article...