Medtronic Inc., the biggest heart-rhythm devices manufacturer, reported third-quarter results, beating the Wall Street expectations with an increase of 19 percent in the profit margins due to increase in the sales of defibrillators and pacemakers.

Company's net profit margins increased to $831 million for the third quarter of 2009 from $831 billion a year earlier. Revenue of the company plunged by 10 percent from $3.5 billion to $3.851 billion over the year.

The company's neuromodulation, cardiovascular and diabetes businesses reported inclining growth. Spine business in the United States is struggling despite the robust growth in the market. Company is continuously focusing on the spine business but does not expect any further chances of inclination in the spine business before 2012.

Company received an approval to market man made heart valve for patients.

For the year 2009 company raised its guidance and expects the same in the range of $3.20 per share to $3.22 per share.