Medtronic 1Q profit jumps spine, heart strength

Medtronic says its fiscal first-quarter profit rose 11 percent on strong double-digit growth in its spinal and cardiovascular businesses.

For the quarter ended July 25, the medical device maker says it earned $747 million, or 66 cents per share, compared with $675 million, or 59 cents per share, in the same quarter last year.

Excluding charges, the Minneapolis-based company says it earned $813 million, or 72 cents per share. Sales are up 19 percent to $3.71 billion from $3.13 billion in the year-ago quarter.

Thomson Reuters says analysts expected a profit of 69 cents per share on $3.67 billion in sales.

Medtronic says revenue in its spinal business grew 33 percent and revenue in its cardiovascular unit grew 30 percent.

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