Medtronic (NYSE:MDT) reported first-quarter earnings on Tuesday that exceeded analyst expectations and boosted its guidance for fiscal 2025.

The medical device company posted earnings per share (EPS) of $1.23 for Q1, surpassing the consensus estimate of $1.20. Revenue for the quarter was in line with forecasts at $7.9 billion.

Medtronic's adjusted gross margin for the quarter stood at 65.9%, slightly lower than the 66.4% recorded in the same period last year but higher than the 65.5% analysts had predicted. The adjusted operating margin came in at 24.4%, matching expectations but marginally down from 24.8% in the previous year.

Looking forward, Medtronic raised its fiscal 2025 non-GAAP EPS guidance to a range of $5.42 to $5.50, slightly up from the previous projection of $5.40 to $5.50. This reflects an anticipated EPS growth of 4% to 6% for the year. Additionally, the company increased its forecast for organic revenue growth to a range of 4.5% to 5%, up from its earlier estimate of 4% to 5%.