ICD debacle overshadows Medtronic's outlook
This article was originally published in Clinica
Executive Summary
Medtronic has cut its sales and income guidance for the next two years, after the high-profile recalls of ICDs over the past year, most notably by Guidant but also by St Jude and Medtronic itself, impacted heavily on sales of cardiac rhythm management products in its fiscal first quarter ended July 28. "Candidly, we were surprised by the extent to which the US ICD market softened during the quarter," said chairman and CEO Art Collins.