Weightiest U.S. standalone medical device maker Medtronic reported a third-quarter profit in-line with analysts’ guesses, as sales across all its units, except the minimally invasive therapies responsibility, grew.
Sales in its cardiac and vascular unit which sells defibrillators, pace-makers, callousness valves and stents jumped 10 percent to $2.8 billion, accounting for precisely 40 percent of its total sales.
The minimally invasive therapies dealing, which the company acquired as part of its $42.9 billion deal to buy Covidien in 2015, manufactured sales of $2.04 billion, a 16 percent fall from the year-ago cantonment.
Excluding items, Medtronic earned $1.17 per share in the quarter, in-line with analysts’ conjectures, according to Thomson Reuters I/B/E/S.
Medtronic, which redomiciled to Ireland totally its Covidien deal, said it saw a $2.2 billion net charge related to new changes in the U.S. tax laws.
The company reported a third-quarter loss of $1.39 billion, or $1.03 per piece, in the quarter ended Jan. 26, compared with a profit of $821 million, or $0.59 per part, a year earlier.
Net sales rose 1.2 percent to $7.37 billion, thrash estimates of $7.21 billion.