UPDATE: Medtronic Posts Drop In Q4 Earnings, Settles Patent Dispute With Edwards Lifesciences

Medtronic

reported a drop in its fiscal fourth-quarter earnings and also reported that it had settled a patent dispute with Edwards Lifesciences

. Metronic's quarterly profit slipped to $448 million, or $0.44 per share, versus a year-ago profit of $969 million, or $0.95 per share. Excluding certain items, its earnings rose to $1.12 per share from $1.10 per share. Its revenue rose 2.4% to $4.57 billion. Excluding currency fluctuations, Metronic's revenue climbed 3%. However, analysts were estimating a profit of $1.12 per share on revenue of $4.58 billion. Medtronic's international revenue rose 5% to $2.145 billion on a constant currency basis while emerging market revenue gained 14% to $571 million on a constant currency basis. Cardiac and Vascular Group: The Group's worldwide sales rose 2% to $2.369 billion on a constant currency basis, while international sales jumped 3% to $1.355 billion on a constant currency basis. Restorative Therapies Group: The Group's worldwide sales gained 2% to $1.737 billion on both a constant currency basis and as reported, while international sales surged 8% to $600 million on a constant currency basis. Diabetes Group: Diabetes revenue jumped 13% to $460 million on both a constant currency basis and as reported. Omar Ishrak, Medtronic chairman and chief executive officer said, "In our fourth quarter, our overall organization once again delivered balanced growth, with strong performances in some areas more than offsetting challenges in other parts of our business." The executive continued, "We remain focused on delivering consistent and dependable growth across all of our businesses through our three growth vectors: new therapies, emerging markets, and independent services and solutions." For the full year, Medtronic projects earnings of $4 to $4.10 per share on revenue growth of 3% to 5%. However, analysts expected earnings of $4.09 per share on revenue growth of 4%. Medtronic shares declined 0.15% to $60.25 in pre-market trading.