The world's largest medical device maker also backed its fiscal year profit and revenue forecasts on Tuesday.
The report marks the first for new Chief Executive Officer Omar Ishrak. Wall Street is eager to hear more about his ideas for reviving long-term growth at the company.
My top priority is aligning the management team around improving execution and optimizing sources of growth, Ishrak said in a statement.
First-quarter net income was $821 million, or 77 cents a share, compared with $830 million, or 76 cents a share, a year ago.
Excluding special items, earnings of 79 cents per share matched the average estimate of analysts, according to Thomson Reuters I/B/E/S.
First-quarter revenue rose 7 percent to $4.05 billion, or 2 percent after adjusting for a favorable currency impact. Analysts looked for $3.98 billion.
On the whole it was in line with expectations. No one is having a party for 2 percent revenue growth, but at least it was in line with what people were thinking, said Jefferies & Co analyst Raj Denhoy.
It's been a long several years as far as improving revenue growth, and what investors are looking for is a turn in that top-line performance.
Revenue for Medtronic's implantable cardioverter defibrillators (ICDs) fell 8 percent. Spinal revenue was unchanged at $825 million.
Medtronic is struggling with weak demand and pricing in ICDs and spine products. Analysts expect further sales declines for the company's controversial Infuse bone growth stimulant used in spine surgery following allegations in a medical journal that researchers hid serious complications.
Diabetes revenue grew 14 percent, surgical technologies increased 13 percent, while its cardiovascular unit that includes stents and other products rose 19 percent.
Medtronic still expects fiscal-year earnings in the range of $3.43 to $3.50 per share, including about 4 cents to 6 cents of dilution from an acquisition. Analysts are looking for $3.45.
It also backed its revenue forecast calling for growth in the range of 1 to 3 percent on a constant currency basis.
(Reporting by Susan Kelly and Lewis Krauskopf; Editing by Derek Caney)