UPDATE 1-Medtronic second-quarter earnings rise; top estimates
(Adds earnings details, outlook)
Nov 19 (Reuters) - Medtronic Inc on Tuesday reported higher quarterly earnings that were slightly above analysts' expectations on stronger sales of its implantable devices to treat abnormal heart rhythms.
Medtronic, a maker of pacemakers, insulin pumps and other medical devices, said most of its businesses were performing in line with or better than the overall market.
The Minneapolis-based company earned $902 million, or 89 cents a share, in the second quarter ended Oct. 25. That compared with $646 million, or 63 cents a share, a year before. Revenue rose 2.4 percent to $4.2 billion.
Excluding special items, earnings were 91 cents a share.
Analysts had expected 90 cents a share, according to Thomson Reuters I/B/E/S.
Medtronic reiterated its full-year fiscal 2014 forecast for earnings of $3.80 a share to $3.85 a share, with revenue growth in the range of 3 to 4 percent.
Sales of implantable cardioverter defibrillators, or ICDs, which treat irregular heart rhythms, increased 3 percent in the quarter to $713 million. Spinal product sales fell 5 percent to $746 million.
Sales of structural heart products, which include replacement heart valves, rose 4 to $281 million. Medtronic's CoreValve is sold in Europe and is expected to launch next year in the United States, where it will compete with Edwards Lifesciences Corp's Sapien heart valve.
(Reporting by Susan Kelly in Chicago; Editing by Jeffrey Benkoe and Gerald E. McCormick)