Medtronic’s net income dropped more than 40% in its first quarter, but still, it was better than expected, the company said.
Medtronic — mainly run out of Fridley — attributed the decrease, plus a 13% revenue drop, to economic problems caused by attempts to both stem and allow for hospital capacity to treat COVID-19. Elective procedures were restricted in many places, and patients also put off some treatments for fear of catching the coronavirus at a hospital.
“We reported solid improvement from last quarter, and our results reflect a faster than expected recovery from the depths of the pandemic we saw back in April,” Medtronic CEO Geoff Martha said in a news release.
Net income was $491 million, or 36 cents a share, down from $877 million, or 64 cents a share, in the same period a year ago. Adjusted income was 62 cents a share, which beat analysts’ estimates by 44 cents.
At $6.5 billion, revenue was down from $7.5 million a year ago but roughly $1 billion higher than estimates.
Jim Spencer • 202-662-7432
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