Medtronic Inc. (NYSE: MDT) reported adjusted 2013 first fiscal quarter earnings per share (EPS) of $0.85 on $4 billion in sales before markets opened this morning. In the same period a year ago, the medical products company reported EPS of $0.79 on revenue of $4.05 billion. First-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.85 and $4 billion in revenue.

The company’s chairman and CEO sounded pleased:

Once again, our growth was broad-based across businesses and geographies and reflects the positive impact of well-executed product launches and stabilizing end-markets.

Medtronic reiterated its full 2013 fiscal year guidance for EPS of $3.62 to $3.70, up 5% to 7% from fiscal 2012 earnings. The consensus estimate for full-year EPS is $3.66. More cheerleading from the CEO:

I am confident that our market-leading portfolio and pipeline, coupled with our focus on globalization and economic value, provide us with significant opportunities for growth.

Medtronic did not complain about currency exchange rates although it well could have. Sales in its cardiac and vascular group rose 5% year-over-year on a constant currency basis, but declined 2% on currency rate effects. The largest piece of the company’s cardiac and vascular group actually posted a 2% drop in sales, even on a constant currency basis. The group’s sales of pacemakers fell 6%.

Shares are trading lower this morning, probably because there was no surprise upside. Meeting low expectations is no cause to celebrate, although Medtronic’s CEO was probably expecting a little more applause.

Medtronic’s shares are down about 3% in premarket trading at $40.15. The current 52-week range is $31.06 to $41.57. Thomson Reuters had a consensus analyst price target of $43.00 before today’s results were announced.

Paul Ausick

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