Safeway Restricts Chilean Salmon Safeway, the third-largest supermarket chain in America, has restricted some purchases of farm-raised Chilean salmon over concern about a virus that is killing millions of fish there.... Read Full Article Libya Upholds Death Sentence In H.I.V. Case The Libyan Supreme Court on Wednesday upheld the death sentences of six medical workers who have been incarcerated for nearly a decade.... Read Full Article Growth Of Genetic Tests Concerns Federal Panel Regulation and oversight has not kept pace with the development of new genetic tests and efforts to sell them directly to consumers.... Read Full Article Lessons Even Thomas Could Learn Companies involved in the recent toy recalls are not simply the unlucky ones that got caught, but are the ones that didn?t make an effort to keep their toys safe.... Read Full Article World Business Briefing: Britain: U.S. Cigarette Brands Acquired The Imperial Tobacco Group of Britain agreed to buy Commonwealth Brands, the maker of the discount cigarettes USA Gold and Sonoma, from Houchens Industries for $1.9 billion, giving Imperial entrance i... Read Full Article |
Medtronic Profit Tops Estimates, Despite RecallMedtronic said yesterday that second-quarter earnings fell 2 percent from a year ago as the recall of a component used with its implantable devices to treat abnormal heart rhythms hurt revenue. Last month Medtronic suspended sales of the Sprint Fidelis family of leads, or wires that link the heart to an implantable cardioverter defibrillator, or I.C.D., saying the equipment may have contributed to five patient deaths. With about 50 percent of the market, Medtronic is the largest maker of implantable cardioverter defibrillators, which are lifesaving devices that can shock a racing heartbeat back to normal rhythm. For the second quarter, which ended Oct. 26, net income was $666 million, or 58 cents a share, compared with $681 million, or 59 cents a share, in the period a year ago. That beat analysts’ average forecast of net earnings of 55 cents a share, according to Reuters Estimates. Medtronic’s second-quarter revenue rose 2 percent, to $3.12 billion from a year ago, but sales of its implantable cardioverter defibrillators declined 16 percent, to $639 million. Quarterly revenue from the company’s overall cardiac rhythm disease management business, which also includes pacemakers, fell 8 percent, to $1.15 billion. Sales of implantable cardioverter defibrillators have declined since 2005 after a series of defibrillator recalls — mostly by Guidant, which was later acquired by Boston Scientific — slowed demand from cardiologists and their patients. Tag CloudExternal InformationAdditional InformationWith Coal Plans Cut Back, Texas Faces Energy Gap...Stocks ’amp; Bonds: A Directionless Market Ends Barely Higher... World Business Briefing: China: Auto Industry to Face Restraints... Another tax break, Mr Darling, or we’re off . . .... Where Am I?News Main Page - Business - Medtronic Profit Tops Estimates, Despite Recall |
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