Medtronic posts Q4 profit beat on surgical instruments business strength

Earnings

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.

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