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Article: Endeavor stent helps Medtronic to strong profit for quarter; The Fridley-based medical device maker beat analyst expectations thanks to a surge in U.S. sales of its drug-coated heart stent.(BUSINESS)(EARNINGS)(Financial report)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- May 21, 2008
- Author:
CopyrightCOPYRIGHT 2008 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JANET MOORE; STAFF WRITER
Thanks in part to strong U.S. sales of its Endeavor heart stent and a recovering market for heart-shocking defibrillators, Medtronic Incorporated's fiscal fourth-quarter profit beat Wall Street expectations.
Shares rebounded Tuesday on the news, closing at $48.96, up $1.08.
The Fridley-based medical technology company said net income for the quarter ended April 25 was $812 million, or 72 cents per share, flat when compared with the same period last year. Adjusting for restructuring and other charges, fourth-quarter earnings were $884 million, or 78 cents a share. Wall Street analysts were expecting the company ...