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CORRECTED-UPDATE 1-Medtronic earnings rise, in line with Street
August 21, 2012 / 12:06 PM / 5 years ago

CORRECTED-UPDATE 1-Medtronic earnings rise, in line with Street

(Corrects comparison of earnings to Wall Street forecast in headline, bullet point, 1st and 4th paragraphs)

* Oper profit 85 cents/share vs Street view 85 cents

* Cardiac rhythm management unit revenue down 5 pct

* Stands by full-year earnings forecast

Aug 21 (Reuters) - Medtronic Inc reported higher quarterly earnings on Tuesday, in line with Wall Street forecasts, but sales in its key cardiac rhythm management unit showed continued weakness.

The maker of heart pacemakers, defibrillators, insulin pumps and products used for spinal procedures also stood by its profit forecast for fiscal 2013 of $3.62 to $3.70 per share.

Net earnings in its fiscal first quarter, ended July 27, rose to $864 million, or 83 cents per share, from $821 million, or 77 cents per share, in the year-ago period.

Excluding one-time items, earnings were 85 cents per share, matching the average Wall Street forecast, according to a survey by Thomson Reuters I/B/E/S.

Revenue increased to $4.01 billion from $3.95 billion.

Revenue from its cardiac rhythm management unit fell 5 percent to $1.19 billion. Revenue from its Restorative Therapies Group, including its spine, neuromodulation, diabetes and surgical technologies businesses, rose 5 percent to $1.89 billion.

Medtronic shares closed on Monday at $45.45 on the New York Stock Exchange.

Reporting By Debra Sherman; Editing by Jeffrey Benkoe and John Wallace

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