(Reuters) - Medtronic Plc (N:MDT) reported better-than-expected quarterly revenue and profit, driven by higher demand for its heart, vascular and minimally invasive products.
The company's net sales rose 5 percent to $7.28 billion (£6 billion) in the third quarter, beating the average analyst estimate of $7.22 billion.
Medtronic, which redomiciled to Ireland through its acquisition of Covidien Plc in 2015, relies on its core business of developing and selling heart devices, spinal implants, insulin pumps among others.
Sales in Medtronic's cardiac and vascular unit rose 5 percent to $2.55 billion, accounting for about 35 percent of the company's total sales.
Sales of surgical solutions increased 6 percent to $1.34 billion, driven by growth in open to minimally invasive products.
Net income attributable to Medtronic fell to $821 million, or 59 cents per share, in the quarter ended Jan. 27 from $1.10 billion, or 77 cents per share, a year earlier.
Excluding items, Medtronic earned $1.12 per share, above analysts' estimate of $1.11, according to Thomson Reuters I/B/E/S.
The company also reaffirmed its full-year sales forecast.