Medtronic fiscal 1Q profit slips 1 percent

By the Associated Press | August 23, 2011 | 7:45 AM EDT

MINNEAPOLIS (AP) — Medtronic, the world's largest medical device maker, says its fiscal first-quarter earnings slipped 1 percent as challenges in spinal products and its biggest business, implantable cardioverter defibrillators, countered other revenue gains.

The Minneapolis-based company says net income fell to $821 million, or 77 cents per share, from $830 million, or 76 cents per share.

Adjusted earnings were $845 million, or 79 cents per share, for the quarter ended July 29.

Revenue climbed 7 percent to $4.05 billion, with most of the increase attributable to favorable foreign currency rates.

Analysts forecast earnings of 79 cents per share on revenue of $3.98 billion.

Medtronic has struggled to maintain earnings growth amid sluggish sales of its two leading products: heart defibrillators and spinal implants.