Medtronic’s profit forecast came as a result of revenue drop for Medtronic’s spinal and heart devices, which can be attributed to currency exchange rates and a shorter selling season, according to a statement from Medtronic’s chairman and CEO William Hawkins.
Medtronic’s price drop yesterday in the New York Stock Exchange composite trading comprised the company’s biggest interday loss since Nov. 2008. In most Medtronic divisions, sales have been weaker than expected, which concerns the medical device industry.
Read the full Bloomberg Businessweek report on Medtronic’s lower forecast.
Read other coverage on Medtronic:
– Medtronic Acquires Osteotech for $123M, Expands Portfolio
– Companies Challenge Medtronic for Vertebral Compression Fracture Market Control
– FDA Panel Votes to Recommend Approval for Medtronic’s Amplify Spine Device
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