UPDATE: Medtronic Reports Weaker-Than-Expected Q4 Earnings

Medtronic Inc MDT reported a 19% drop in its fourth-quarter net income on Tuesday. Medtronic reported its Q4 profit at $776 million, or $0.72 per share, down from $954 million, or $0.86 per share, in the year-ago period. Excluding restructuring and other costs of $198 million, Medtronic's earnings came in at $0.90 per share. The company's net sales surged to $4.30 billion from $4.20 billion. However, analysts were expecting earnings of earnings at $0.93 per share on revenue of $4.29 billion. MDT shares fell 1.84% to $40.50 in pre-market trading. Read more from Benzinga's Company news.