Medtronic (NYSE:MDT) announced on Tuesday that it earned $864 million during its fiscal first quarter, up from $827 million in the same period last year.
The medical device maker posted quarterly revenue of $4.01 billion, up from $3.95 billion in 2011.
Adjusted EPS for the quarter was 85 cents. That was in line with Wall Street predictions, Reuters noted.
Shares of Medtronic remained flat in Tuesday morning trading.
Company officials reiterated their previously issued forecast for fiscal 2013 earnings of between $3.62 and $3.70 a share, saying they wanted to remain “very conservative” in their projections.
The company noted a 5% drop in sales of its cardiac rhythm management devices, including defibrillators and pacemakers. This was attributed to a greater reliance on existing device inventories by hospitals. That decline was offset by a 5% rise in sales of products like stents and heart valves at its surgical technology unit.
Sales in developing countries continue to lag company targets, amounting to just 11% of total sales, well behind plans to boost that to 20%.