Medical device maker Medtronic Inc
Net income for the company's fiscal first quarter that ended July 31, fell to $445 million, or 40 cents a share, from $723 million, or 64 cents a share, a year earlier.
Excluding special items, Medtronic earned $883 million, or 79 cents a share. Analysts on average had forecast 78 cents a share, according to Reuters Estimates.
Revenue rose 6 percent to $3.93 billion.
Revenue from implantable cardioverter defibrillators, which manage rapid heart rhythms, rose 1 percent to $775 million. Medtronic is the largest maker of ICDs, with about half of the market for the devices that save lives by shocking a racing heartbeat back to normal rhythm.
Minneapolis-based Medtronic said revenue in its Cardiac Rhythm Disease management division, which includes ICDs and pacemakers, increased nearly 3 percent to $1.34 billion.
Spinal product revenue grew 7 percent to $915 million. Revenue from cardiovascular products, including stents to treat clogged arteries, rose 9 percent to $689 million.
Revenue from neurological devices that treat pain and other conditions rose 7 percent to $373 million, and diabetes product revenue was up 10 percent to $295 million.
Medtronic's shares were last trading up 1.4 percent in premarket activity, compared with a close of $38.00 Monday on the New York Stock Exchange.
(Reporting by Susan Kelly; Editing by Derek Caney and Maureen Bavdek)