(By Balachander) Medtronic Inc. (NYSE:MDT) reported a rise quarterly earnings, in line with market expectations, helped by growth in emerging markets and product launches in United States, Europe and Japan.
On a non-GAAP basis, earnings per share (EPS) increased 8 percent to 85 cents, matching analysts' expectations. Reported earnings grew 5 percent to $864 million.
Revenue rose 5 percent to $4.0 billion on a constant currency basis, coming in in line with consensus estimate for the first quarter ended July 27.
Medtronic said quarterly growth was broad-based across its businesses and geographies as well as benefiting from product launches and stabilizing end-markets.
Emerging market revenue jumped 14 percent, while international revenue advanced 6 percent on a constant currency basis.
Segment wise, sales from the company's Cardiac and Vascular group and the Restorative Therapies group rose 4 percent and 5 percent, respectively.
Sales from implantable cardioverter defibrillators (ICDs) were flat while Pacing sales fell 6 percent. Spine revenue declined 3 percent.
Drug-eluting stent revenue surged 36 percent because of "significant" share gains of the Resolute Integrity drug-eluting stent in the U.S. market, the company said.
Looking ahead for fiscal 2013, the company still expects EPS in the range of $3.62 to $3.70, while analysts expect $3.66.
In the preceding fourth quarter, Medtronic earned 99 cents a share on revenue of $4.3 billion.
MDT ended Monday's regular trading at $41.45. The stock has been trading in the 52-week range of $31.06 to $41.57.