FDA Not Satisfied With Medtronic, Inc. (MDT)'s Response to Warning Letter About Manufacturing Guideline Violations

8/23/2012 8:41:26 AM

Medtronic Inc said sales of its heart defibrillators outpaced the global industry but remained weak, disappointing some investors who hoped the company would win more business after a product recall from rival St. Jude Medical Inc. Medtronic, the world's largest stand-alone maker of medical devices, said the global market for implantable defibrillators, known as ICDs, was beginning to stabilize after several sluggish years due to a weak economy and heightened scrutiny over their use. The devices, which correct irregular heart rhythms, are one of its biggest revenue-generators. Chief Executive Omar Ishrak estimated the total worldwide market for the devices fell 4 percent in the latest quarter. Medtronic performed slightly better, with company defibrillator sales down 3 percent.

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