MiniMed, MRG (Medical Research Group) depress Medtronic's profits:
This article was originally published in Clinica
Profit figures returned by Medtronic for the second quarter of fiscal 2002 were expectedly low, US analysts reported last week. Against net earnings of $309 million last year, the Minneapolis company reported a figure of $66.7 million for the current year's second quarter. This reflected the early year purchase of MiniMed and Medical Research Group (see Clinica No 960, p 1) for some $3.7 billion. These buys will continue to enhance reported revenue more than earnings per share, said Medtronic's CFO, Bob Ryan. Organic growth rates were good for the quarter, said the analysts. Sales were up 17% at $1.57 billion.