Medtronic reports 5.3 pct rise in quarterly profit

Thursday, May 25, 2017

Source: Reuters

May 25 Medtronic Plc, the world's largest standalone medical device maker, reported a 5.3 percent rise in quarterly profit on Thursday, driven by higher sales in all of its businesses.

Net income attributable to Medtronic rose to $1.16 billion, or 84 cents per share, in the fourth quarter ended April 28, from $1.10 billion, or 78 cents per share, a year earlier.

The company's net sales rose 4.6 percent to $7.92 billion.

Medtronic, which redomiciled to Ireland through its Covidien deal, relies on its core business of developing and selling heart devices, spinal implants, insulin pumps among others. (Reporting by Akankshita Mukhopadhyay and Divya Grover in Bengaluru; Editing by Martina D'Couto)

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