Medtronic PLC beat Wall Street’s expectations in its latest quarterly earning report, its final as a Minnesota-based company.
 
The medical device manufacturer, now based in Ireland following the closing of its $49.9 billion cash-and-stock purchase of Covidien PLC, reported earnings of $1.01 per share for its third quarter of fiscal 2015, which ended on Jan. 23. That’s 11 percent higher than the same quarter last year and was 4 cents higher than analysts expected. Revenues rose 8 percent to $4.3 billion.
 
All segments of the company performed well, with the cardiac and vascular group delivering double-digit growth.
 
“(The third quarter) was a very strong quarter, with revenue growth well above our outlook range for the fiscal year,” CEO Omar Ishrak said in a statement.
 
Despite positive quarterly news, a Star Tribune article noted concern from Moody’s Investor Services that the company has acquired a significant amount of debt, which comes with risks.
 
Medtronic completed its controversial acquisition of Dublin-based Covidien shortly after the quarter ended in late January. The combined firm will now be called Medtronic PLC.

By late morning trading, Medtronic's shares were up more than 3 percent to $77.79.