Medtronic Earnings Fall 69%, Sales Dip

NEW YORK -- Medtronic(MDT Quote) said its fiscal fourth-quarter profit plunged as sales slipped and it absorbed restructuring and other charges.

The company's adjusted fourth-quarter earnings matched Wall Street expectations.

The Minneapolis-based medical device maker said Tuesday it earned $250 million, or 22 cents a share, in the three months ended April 24. That's down 69% from a profit of $812 million, or 72 cents a share, a year earlier.

Excluding charges, the company said it earned 82 cents a share, matching the estimates of analysts.

Medtronic said revenue slipped 1% to $3.83 billion, which was a shade below expectations.

Sales of heart-rhythm management devices fell 5% to $1.3 billion in the quarter, offsetting some gains elsewhere.