Corporate Acquisitions

Medtronic Beats on EPS, Cuts Outlook

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In Brief...

Medtronic (MDT) reported an adjusted EPS of 82 cents during the second quarter of fiscal 2011, beating the Zacks Consensus Estimate by a penny and 6% higher than 77 cents of the year-ago quarter. Medtronic recorded 41% of its total sales from the international market. Revenues declined at the two largest segments of Medtronic - CRDM and Spinal which contribute 32% and 22% to the top line. We are encouraged to note that despite a challenging environment, Medtronic has witnessed stability during the quarter. Recommendation Although Medtronic has witnessed an improvement on a sequential basis, the company continues to face challenges such as slowing market growth, pricing pressure among others.

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