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Medtronic Tops Estimates, Ups Guidance

MINNEAPOLIS ( TheStreet) -- Medtronic (MDT - Get Report) reported second-quarter earnings of $868 million, or 78 cents a share, an increase of almost 60% from a year earlier as it raised its 2010 earnings guidance.

Adjusted for a litigation gain and an accounting change, earnings in the quarter were 77 cents a share.

Revenue in the quarter rose 8% to $3.84 billion.

Analysts surveyed by Thomson Reuters expected Medtronic to earn 74 cents a share in the quarter on revenue of $3.7 billion.

The company, the world's biggest maker of medical devices, said revenue at its cardiac rhythm disease management division rose 3% to $1.278 billion. Revenue from implantable cardioverter defibrillators was $754 million, while pacing revenue was $498 million.

Medtronic said total revenue outside the U.S. rose 12% to $1.541 billion, and now accounts for 40% of the company's worldwide revenue.

The company raised its fiscal 2010 earnings guidance to a range of $3.17 to $3.22 a share, from previous guidance of $3.10 to $3.20. Analysts expect fiscal 2010 earnings of $3.15 a share.

-- Reported by Joseph Woelfel in New York .

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