Medtronic, the world's largest medical device maker, says its fourth-quarter net income dropped 19 percent on expenses related to its recent layoffs.
The Minneapolis-based company earned $776 million, or 72 cents per share, down from $954 million, or 86 cents per share, a year ago.
Excluding $198 million in restructuring and other costs, the company earned 90 cents per share. Sales rose 2 percent to $4.3 billion from $4.2 billion.
Analysts polled by FactSet expected earnings of 93 cents per share for the quarter on sales of $4.29 billion.
Medtronic has struggled to maintain earnings growth amid sluggish sales of its two leading products: heart defibrillators and spinal implants.
In February the company announced 2,000 layoffs to bolster its financial position.