Medtronic earnings slip 26 percent in 2Q on litigation costs
Medtronic Inc. posted a net income of $646 million in its fiscal second-quarter that ended Oct. 26, down from $871 million a year earlier, Bloomberg reports.
The Fridley-based medical technology firm was weighed down by $245 million in litigation charges related to a patent dispute with rival California-based Edwards Lifesciences Corp., the Business Journal reports.
The patent infringement case focused on Medtronic's heart valve product called CoreValve, according to the Pioneer Press. A federal jury ruled against Medtronic in 2010 and the U.S. Court of Appeals affirmed the $74 million verdict last week.
"Our second quarter performance reflects the results of our ongoing focus to deliver consistent and dependable growth in a changing health care environment," said Omar Ishrak, Medtronic chairman and chief executive officer, in a news release. "Our growth was broad-based across several businesses and geographies, driven by continued stabilization of our end markets and the ongoing successful execution of new product launches."
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