May 24 (Reuters) - Medtronic Plc reported a better-than-expected quarterly profit on Thursday on higher demand for its heart valves and diabetes devices such as insulin pumps.
Continue Reading Below
Sales in the cardiac and vascular unit, which sells defibrillators, pace-makers, heart valves and stents, jumped 10.1 percent to $3.14 billion in the fourth quarter, accounting for 38.5 percent of the company's total sales.
Rival Edwards Lifesciences Corp last month said its premium-priced transcatheter heart valves had lost market share in Europe to Medtronic.
Medtronic's coronary & structural heart unit, which houses the transcatheter valves, saw sales of $1.01 billion, an 18.7 percent increase.
Sales in the company's diabetes unit rose 26 percent to $645 million, helped by strong demand for its new sensor-augmented insulin pump systems.
Net income attributable to the company jumped 25.5 percent to $1.46 billion, or $1.07 per share, in the quarter ended April 27.
Excluding items, the company earned $1.42 per share, beating the average analyst estimate of $1.39.
Revenue rose 2.9 percent to $8.14 billion.
(Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)