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Medtronic Defibrillator Lawsuits Take Their Toll

Filed February 22nd, 2008 joshua

The troubled medical device firm Medtronic isn’t exactly pinching pennies after releasing its third-quarter 2007 earnings, maybe just pinching hundred dollar bills.

Medtronic reported a net income of $77 million for the quarter, down considerably from the income in the third quarter 2006, $710 million, according to Forbes. The numbers are down considerably for the year mostly due to the company’s troubles in the United States.

For the past two years, reports of malfunctioning implanted heart defibrillators have cost the company tremendously. The 2007 income reflects a $275 million in settlements of lawsuits stemming from its recalled Marquis line of ICD.

The company also faces a patent infringement charge from Cordis, a subsidiary of Johnson & Johnson, over a drug-coated stent.

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