Restructuring drives down Medtronic's income
This article was originally published in Clinica
Medtronic's sales for the year ended April 30 rose 7% to $2.6 billion, while net income was $457 million, compared with $530 million the previous year. Excluding one-off charges of $137 million, largely for restructuring the vascular business, this represents a 12% increase in net income. The effects of foreign currency translation reduced revenues by $103 million in the year.