Medtronic off to a ‘good start’ for fiscal 2010

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.”

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