Medtronic Sees U.S. Medical Device Tax Cutting 2013 Earnings

Medtronic Inc., the world’s biggest-maker of heart rhythm devices, said it is planning for a U.S. tax on medical products that will cost the company $125 million to $175 million annually starting next year.

Medtronic, which reports earnings on a fiscal calendar that ends April 30, will provide a forecast for the 2013 year in May. The estimate will include four months during which the company was subject to a 2.3 percent excise tax on medical devices that was part of the 2010 health-care law, Chief Financial Officer Gary Ellis said.