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Medtronic Issues Battery Depletion Advisory For Heart Devices

By Anjali Athavaley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A small percentage of Medtronic Inc.'s (MDT) heart devices may have problems where battery life depletes faster than expected, the company said in an online advisory earlier this week. Medtronic no longer sells the models in question. An estimated 39,000 EnTrust implantable defibrillators are implanted world-wide. Implantable defibrillators provide a shock to the heart when needed in patients with irregular heartbeat. The battery in the EnTrust devices is supposed to last at least three months after an elective replacement indicator comes on. Medtronic said that as of last month, there have been 60 confirmed events that involved a drop in battery voltage over a time period ranging from one week to six months. The company has identified the cause of the incidents to be a battery short that develops toward the end of the device's life. All reported events have occurred at least 30 months after implant. Medtronic shares were down 1% to $37.76 in recent trading. The stock is down 1.3% this year. No patient deaths or serious injuries have been reported. "Ongoing impact from the advisory appears limited," said Derrick Sung, an analyst at Bernstein, in a note Friday. He said the issue looks manageable. "Physicians need simply to replace the device as soon as the elective replacement indicator is reached." Medtronic isn't the only medical devices company that has dealt with battery problems in its heart rhythm devices. Competitor St. Jude Medical Inc. (STJ) faced similar concerns in a subset of its defibrillators late last year. The advisory comes as medical device makers face a challenging market for implantable defibrillators. Domestic sales have slumped on a Department of Justice investigation and a study published last year that indicated the devices were being used outside clinical guidelines. -By Anjali Athavaley, Dow Jones Newswires; 212-416-4912; anjali.athavaley@dowjones.com

Stock News for Medtronic (MDT)
DateTimeHeadline
04/14/201416:42:11MARKET SNAPSHOT: Stocks Rebound; Nasdaq Erases Late Swoon
04/14/201415:49:35MARKET SNAPSHOT: Stocks Trim Gains; Nasdaq Turns Negative
04/14/201415:21:40CORRECT: Preliminary Injunction Bars Medtronic From Selling CoreValve
04/14/201411:56:03MARKET SNAPSHOT: Stocks Rebound On Retail Sales, Citi Results
04/14/201411:27:28Preliminary Injunction Bars Medtronic From Selling CoreValve
04/14/201410:47:44MARKET SNAPSHOT: Stocks Boosted By Retail Sales, Citi Results
03/29/201413:52:50Medtronic Makes Surprise Turn on Blood-Pressure Device -- Update
02/18/201412:44:34Medtronic's Profit Falls Despite Revenue Growth -- Update
02/18/201409:18:21U.S. Hot Stocks: Hot Stocks to Watch
02/17/201408:52:36MARKET SNAPSHOT: Dividend Hikes, Consumer Clues Eyed In Week...
01/17/201418:09:10Correction to Medtronic CoreValve FDA Approval Story
01/17/201416:41:27FDA Approves Medtronic's CoreValve Heart Device -- 2nd Update
01/17/201413:52:16FDA Approves Medtronic's CoreValve Heart Device
01/15/201413:10:09Jury: Medtronic Violated Patent, Owes Edwards $392.5 Million
01/15/201412:57:27Jury Rules Medtronic Violated Patent, Awards $392.5 Million
11/19/201309:07:57U.S. Hot Stocks Futures: Hot Stocks to Watch
11/19/201308:17:10Medtronic 2nd-Quarter Profit Up 40%; Defibrillator Markets Shows...
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-

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