J.P. Morgan Comments On Medtronic F4Q11 Results

According to J.P. Morgan, Medtronic MDT reported mixed F4Q11 results Tuesday morning, as adjusted EPS of $0.90 (+1.2%) fell $0.02 short of consensus. J.P. Morgan said that on the top line, revenues of $4.295B (+2.4%) came in $10M better than the Street, but organic growth was just 0.2% in the quarter after backing out currency and acquisitions and several key franchises (most notably US ICDs and Spine) disappointed by a wide margin. “Below we walk through the changes to our model and our latest thoughts on the stock following the quarter.” Medtronic closed yesterday at $40.88.