According to Brad Periello of MassDevice.com, Medtronic released information today that it would pay out $112 million for the medical device tax during the 2014 fiscal year, which would represent nearly a 4 percent loss to the company’s bottom line.

MassDevice notes that the company paid a total of $21 million during 2013’s fiscal year, which closes at the end of April. The tax is 2.3 percent of the sale price of the taxable medical device and went into effect after Dec. 31, 2012

Medtronic’s $21 million tab for the medical device tax was for the fiscal year ended April 26, 2013, amounted to 0.1 percent of the $16.59 billion in sales logged that year and 0.6 percent of the $3.47 billion in profits the company reported. But that only covered the first 4 months of the tax; the cut for the full 12 months ended April 24 was much deeper.

The $112 million paid for fiscal 2014 was 0.7 percent of Medtronic’s $17.01 billion in sales and 3.7 percent of its $3.07 billion bottom line, according to SEC filings.

Source: MassDevice.Com