Medtronic misses analysts’ estimates

Medtronic, the world’s biggest maker of heart-rhythm devices, said fiscal first-quarter sales missed analysts’ estimates on weaker-than-expected demand for defibrillators and the InFuse bone-growth product.

The company employs nearly 2,000 people at its manufacturing plant in Galway where it makes key cardiovascular medical devices.

Net income in the three months ended Jul 26 increased 10% to $953m, or 93 cents a share, from $864m, or 83 cents, a year earlier, the Minneapolis-based company said in a statement.