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.
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