Employees work on stent graft components in a sterile environment at the Medtronic assembly plant in Tijuana, Mexico.
David Maung | Bloomberg | Getty Images
Medtronic reported a nearly 20% drop in quarterly profit on Thursday, hurt by lower sales in its cardiac and vascular business that makes heart valves and stents.
Net income attributable to the company fell to $1.17 billion, or 87 cents per share, in the fourth quarter ended April 26, from $1.46 billion, or $1.07 per share, a year earlier.
Net sales rose to $8.15 billion from $8.14 billion.