Medtronic slips in Q2 income after defibrillator lead recall

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Medtronic’s Q2 2008 financial results reflect 2 percent income decrease for the quarter ending Oct. 26, the company reported.
Medtronic recorded second quarter revenue of $3.12 billion, a 2 percent increase over the $3.08 billion reported in the second quarter of fiscal year 2007.

Net income for the second quarter was $666 million, a 2 percent decrease over the same period in the prior year.

Bill Hawkins, Medtronic president and CEO, attributes the losses to the voluntary suspension of Fidelis leads and its negative impact on the company, but he stressed that it “was the right decision as there is nothing more important to us than the safety and well-being of patients.”

For the quarter, 37 percent of its revenue was from outside the United States, according to the Minneapolis-based Medtronic.