The stock price of Medtronic surged 2.37% in premarket trading to $106.60 after the company reported net sales of nearly $7.5 billion, beating the $7.4 billion estimate of analysts. Sales rose 3.5% from a year earlier.
The medical device maker reported adjusted earnings per share of $1.26, up from $1.17 a year ago.
Medtronic's cardiac and vascular unit generated $2.79 billion in revenue, surpassing the $2.75 billion estimate of analysts, Reuters reported.
The Dublin-based medical device maker's minimally invasive therapies business also beat expectations, with revenue of $2.1 billion compared to the $2.07 billion pegged by analysts in IBES data from Refinitiv, Reuters reported. The unit's surgical instruments are used in hernia operations and to treat kidney disease.
Medtronic also boosted its forecast for adjusted, full-year earnings to $5.54 to $5.60 a share, up from $5.44 to $5.50 previously and higher than the $5.48 share projected by analysts.
"Medtronic had a solid first quarter, delivering revenue growth, operating margin expansion, and adjusted EPS growth all ahead of expectations," said Omar Ishrak, Medtronic chairman and CEO, in a press statement. "It's a good start to our fiscal year."