Medical device maker Medtronic has today reported a better than expected quarterly profit, helped by higher sales in all of its divisions.
The Dublin-based company also raised the lower-end of its full-year profit forecast.
The world's largest stand-alone medical device maker said it expected fiscal 2016 revenue to increase by a high mid-single digit percentage. It had earlier forecast growth of 4-6%.
Medtronic, known for its pacemakers, said it now expected an adjusted profit of $4.33-$4.40 per share for 2016.
Analysts on average were expecting a profit of $4.36 per share, according to Thomson Reuters.
An improving US economy and the impact of the Affordable Care Act - popularly known as Obamacare - has increased the number of surgical procedures, boosting demand for Medtronic's products.
Sales generated by surgical products provider Covidien, which Medtronic bought in January for nearly $50 billion, contributed about a third of the company's total revenue in the second-quarter ended October 30.
Medtronic said device sales in the US increased 6% and accounted for more than half of the company's revenue in the latest quarter.
Revenue rose 62% to $7.06 billion, including sales from Covidien, matching the average analyst estimate.
The company's adjusted profit of $1.03 per share beat the average analyst estimate by 3 cents.
Medtronic said its net profit fell to $520m, or 36 cents per share, from $828m, or 83 cents per share, a year earlier, mainly due to higher restructuring charges.
