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NOVEMBER 18, 2008, 10:16 A.M. ET

Medtronics Posts Lower Profit

Article
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more in Health »

Medtronic Inc.'s fiscal second-quarter net income fell 14% amid litigation-related and other charges and the medical-devices maker cut its revenue outlook due in part to the dollar's recent gains.

The company now sees full-year revenue of $14.6 billion to $15 billion, down from its previous view of $15 billion to $15.5 billion. Medtronic attributed the cut to currency-rate fluctuations as well as year-to-date results.

Medtronic also cut its earnings forecast by four cents a share amid inventory write-offs ...