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Medtronic sales disappoint, firm lowers forecast; shares fall

Omar Ishrak, CEO of Medtronic, speaks during an IBM keynote address at the 2016 CES trade show in Las Vegas, Nevada, January 6, 2016.

Medtronic Plc (MDT.N) on Tuesday reported quarterly sales below Wall Street's expectations for virtually all its major product lines and cut its full-year earnings forecast, and the medical device maker's shares fell more than 8 percent.

Medtronic now expects adjusted earnings of $4.55 to $4.60 per share for the fiscal year ending April 28, 2017, down from its prior view of $4.60 to $4.70. It sees percentage revenue growth for the second half of fiscal 2017 in the mid-single digit range.

Chief Executive Omar Ishrak acknowledged that the quarterly results were "disappointing," placing the blame on a confluence of what he said were temporary factors. But investors were not in a forgiving mood, taking the...