Medtronic posts November to January financial results

Medtronic has posted financial results for the three months ending January 24th, revealing a 4 percent year-on-year increase in revenues.

The company saw global income reach $4.163 billion (2.5 billion pounds) in its third quarter – up from $4.027 billion between November 2012 and January 2013.

Conversely, profits fell 23 percent year on year, falling to $762 million for the three-month period, or $0.75 per diluted share.

The most significant contributor to this decline was an impairment charge incurred by the company's renal denervation programme, following the announcement the HTN-3 trial did not meet its primary efficacy endpoint.

Commenting on the results, Medtronic chairman and chief executive officer Omar Ishrak said the company had "once again delivered balanced growth" in its third quarter, praising strong performances in some areas for "offsetting challenges" in others.

"We remain focused on building a track record of operational execution to deliver consistent and reliable results," he continued.