Medtronic also boosted revenue through a $50 billion acquisition of surgical equipment maker Covidien last year.
The Dublin, Ireland-based company reported a fourth quarter net income of $1.1 billion after reporting a $1 million loss in the same period last year.
Medtronic’s adjusted earnings of $1.27 per share and quarterly revenue of $7.57 billion exceeded Wall Street expectations. Analysts predicted earnings of $1.26 per share and a revenue of $7.48 billion for the company.
The company estimates 2017 adjusted earnings in the range of $4.60 and $4.70 per share. Analysts expected $4.70 per share.
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