Medtronic (MDT) Receives FDA Warning Letter for Neuromodulation Devices
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Medtronic (NYSE: MDT) shares are lower Tuesday amid flat first-quarter 2013 results and also disclosure of a warning letter issued by the FDA.
According to CFO Gary Ellis, the FDA issued a warning letter to Medtronic for its neuromodulation devices and that the company is working to fix the issues. The FDA can put the approval of new products on hold until such issues are resolved.
In the most recent quarter, neuromodulation sales were $419 million, up 6 percent on an unadjusted basis. The number amounts to about 10 percent of Medtronic's total sales in the quarter.
Shares are down about 1 percent early Tuesday.
According to CFO Gary Ellis, the FDA issued a warning letter to Medtronic for its neuromodulation devices and that the company is working to fix the issues. The FDA can put the approval of new products on hold until such issues are resolved.
In the most recent quarter, neuromodulation sales were $419 million, up 6 percent on an unadjusted basis. The number amounts to about 10 percent of Medtronic's total sales in the quarter.
Shares are down about 1 percent early Tuesday.
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