Medtronic 3Q profit, revenue up despite soft markets

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Medtronic Inc. said its net earnings increased to $988 million in the third-quarter, up 5.7 percent from $935 million a year earlier, Wall Street Journal reports.

Reuters says the Fridley-based medical-device maker saw revenue climb to $4 billion despite weak sales for some spine and heart products.

“We remain committed to delivering dependable growth in a changing healthcare environment as reflected in our third quarter performance,” Omar Ishrak, Medtronic chairman and chief executive officer, said in a news release. “Several businesses and regions contributed to our steady growth this quarter, and we are focused on effectively managing headwinds and tailwinds to deliver balanced and consistent overall performance.”

During a conference call with analysts, CFO Gary Ellis said the new medical device tax that went into effect last month will cost the company about $25 million during its 2013 fiscal year, the Business Journal reports. That's about half as much as previously expected.

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