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Martin Moylan

Maria could cost Medtronic $250 million

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Medtronic said its expects to take a big financial hit from Hurricane Maria. The medical device company has four major manufacturing plants in Puerto Rico and describes the island as "one of the company's key manufacturing sites."

The Puerto Rico operations produce a a range of products including cardiac devices, insulin and pain medicine pumps, and products for surgery and spine care.

Medtronic says the facilities suffered damage and production has been curtailed. The company estimates the storm will cut sales and earnings by $250 million for the current quarter.

"The impact to lives and the devastation to property in Puerto Rico is unprecedented and indescribable," said Omar Ishrak, chairman and CEO.

Medtronic said most of its more than 5,000 direct and contract employees on the island are OK.

The company said limited production started on October 2nd, and all sites are partially operating, with help from back-up generators. The company said manufacturing is expected to ramp up gradually over the coming weeks.

The Medtronic Foundation has directed $1 million toward disaster relief and is matching employee contributions to authorized agencies.