Medtronic‘s performance between May and July depends a little on how you squint at the numbers.
The medical device company’s first-quarter profits fell 38 percent, compared with the same period last year.
However, if you ignore a $360 million expense to settle a legal dispute with Abbott Laboratories, and you don’t count money spent on severance and early retirement packages in the company’s recent restructuring, things start to look a little better.
Adjusting for those factors and a new accounting standard, Medtronic says profits were up 9 percent. The company’s CFO Gary Ellis this morning said, “It’s a good start, which is what we want to see.”