Medtronic shares down as defibrillators demand falls

MEDTRONIC Inc (MDT), the world’s biggest maker of heart-rhythm devices, said first-quarter profit fell 1.1% as demand for its defibrillators and spinal products declined and costs to produce them rose.

Net income in the three months ended July 31, dropped to $821 million (€568m) from $830m a year earlier, the Minneapolis-based company said yesterday.

Profit — excluding one-time items — was 79 cents a share, matching the 79-cent average estimate of 26 analysts surveyed by Bloomberg. Revenue increased 7.3% to $4.05 billion.