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Medtronic Sales Rise 4% As Heart, Spinal Sales Rebound

Medtronic Inc.'s (MDT) fiscal fourth-quarter sales grew roughly 4%, but expenses related to employee layoffs and manufacturing consolidation caused earnings to fall 2.2%, masking the medical-devices company's improved revenue and margins.Medtronic has reduced employee headcount and taken other cost-cutting measures as it's been forced to adapt to pricing pressures and lower health-care utilization in the U.S. and Europe, while at the same time looking to increase its presence in faster-growing emerging markets like China. The company took a $172 million restructuring charge related to the elimination of about 2,000 employees. Roughly 65% of the cuts have already occurred, and were split between the U.S. and international facilities."Nearly half of the planned position reductions are related to manufacturing consolidation efforts. We also continue to reduce headcount in slow growing businesses and geographies," Chief Executive Omar Ishrak said. "These are never easy decisions but are ne...

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  1. Medtronic's 4Q Net Dips 2.2%, Tops Views

    Medtronic (NYSE:MDT) disclosed a 2.2% dip in fiscal fourth-quarter profits on Tuesday, but the medical-device maker's adjusted profits and revenue exceeded Wall Stre...

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  7. Medtronic to Lay Off 230 Employees in Spine Division

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