Alexa

Medtronic profit in 1Q pressured by Abbott payment

Medtronic profit in 1Q pressured by Abbott payment

Medical device maker Medtronic says its profit fell 38 percent in the fiscal first quarter after it paid rival Abbott Laboratories to resolve a patent infringement lawsuit.
The Minneapolis company says it earned $445 million, or 40 cents per share, down from $723 million, or 64 cents per share. Revenue grew 6 percent, to $3.93 billion from $3.71 billion. Excluding one-time charges like restructuring and litigation costs, Medtronic says it earned 79 cents per share.
Thomson Reuters says analysts expected 78 cents per share and $3.81 billion in revenue.
In July, Medtronic agreed to pay Abbott $400 million to end lawsuits related to the design of artery-opening stents.
Medtronic Inc. said revenue from heart rhythm devices rose 3 percent to $1.34 billion.


Updated : 2021-03-02 09:31 GMT+08:00