Medtronic (MDT) Lowers FY09 Outlook
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Medtronic, Inc. (NYSE: MDT) provided updated revenue and diluted earnings per share (EPS) guidance for fiscal year 2009.
Based upon year to date results and an anticipated $300 to $400 million negative revenue impact in the second half of the fiscal year from current exchange rates, the company projected fiscal year 2009 revenue of $14.6 billion to $15.0 billion, adjusted from previous guidance of $15.0 billion to $15.5 billion. The company stated it was comfortable with the midpoint of that range. (Consensus is $15.17B)
The company revised EPS guidance based upon two factors not contemplated in the previous guidance of $2.94 to $3.02. The first factor is a $0.03 per share charge associated with the write off of inventory made obsolete by the recent launch of angioplasty products on a rapid exchange delivery system in the United States. The second factor is the recently closed acquisition of CryoCath Technologies which is expected to have a $0.01 per share dilutive impact in fiscal 2009. Taking these factors into account, the company projected fiscal year 2009 diluted earnings per share of $2.90 to $2.98. The company stated it was comfortable with the midpoint of that range. (Consensus is $2.99)
Medtronic, Inc. (Medtronic) is a global player in medical technology, alleviating pain, restoring health, and extending life for millions of people around the world. [SM]
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