Medtronic Inc on Tuesday reported higher first-quarter profit that was in line with analysts' expectations as strong sales in emerging markets helped offset soft U.S. demand for medical devices.
The company, whose products range from implantable heart defibrillators to insulin pumps to brain stimulation devices, also reiterated its outlook for the full year.
Net earnings rose to $953 million, or 93 cents per share, in the quarter ended July 26, from $864 million, or 83 cents per share a year earlier.
Excluding special items, Medtronic earned 88 cents a share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
Total revenue rose 2 percent to $4.08 billion. Sales in emerging markets climbed 15 percent to $504 million.
Overall sales of implantable heart defibrillators declined 3 percent to $655 million, but pacemaker sales were up 2 percent to $474 million. Sales of spinal products fell 3 percent to $765 million.
Medtronic forecast fiscal 2014 earnings of $3.80 to $3.85 per share and revenue growth of 3 percent to 4 percent on a constant-currency basis.
Medtronic shares closed Monday at $54.10 on the New York Stock Exchange.