DOW JONES NEWSWIRES Medtronic Inc.'s (MDT) fiscal fourth-quarter earnings rose 28% as the medical-device maker reported fewer charges and broad revenue growth. Chairman and Chief Executive Omar Ishrak said the revenue growth was broad based across its businesses and geographies and included stong product introductions and growth in emerging markets--where revenue climbed 20% excluding currency fluctuations. However, Medtronic has continued to see challenges in its key cardiac-rhythm and spine segments though the company saw some signs of stabilization in recent quarters. In the latest quarter, revenue from implantable cardioverter defibrillators declined 1% excluding currency impacts, while spinal segment revenue was off by 6%. For the quarter ended April 27, Medtronic reported a profit of $991 million, or 94 cents a share, up from $776 million, or 72 cents a share, a year earlier. Excluding litigation-settlement charges, restructuring charges and other items, earnings were up at 99 cents from 90 cents. Revenue increased 3.1% to $4.3 billion, or 4% excluding currency impacts. Analysts polled by Thomson Reuters most recently projected earnings of 98 cents on revenue of $4.23 billion. Gross margin fell to 75.6% from 75.8%. For the year, the company projected per-share earnings of $3.62 to $3.70 on revenue growth of 2% to 4% on a constant-currency basis. Analysts polled by Thomson Reuters recently expected earnings of $3.66 and revenue growth of 1% to $16.53 billion. Shares closed Monday at $37.70 and were inactive premarket. The stock is down roughly 11% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
