Medtronic raised its outlook for the year after posting higher fiscal first-quarter profit and sales, driven by broad-based demand and contributions from newer growth platforms.

The medical-device maker on Tuesday said it now expects full-year adjusted earnings of $5.94 to $6 a share, raising the low-end of guidance by 4 cents. Revenue is now projected to grow 7.25% to 7.75% on an organic basis, up from a prior forecast of 6.75% to 7.25%.

Chief Financial Officer Thierry Pieton said strong operating performance and disciplined financial management drove adjusted EPS and revenue higher during the recent quarter, giving the company confidence to raise its outlook.

For its three months ended July 31, Medtronic reported net income of $1.47 billion, or $1.14 a share, up from $1.04 billion, or 81 cents a share, in last year's comparable quarter.

Stripping out one-time items, earnings were $1.45 a share. Analysts polled by FactSet expected adjusted earnings of $1.39 a share.

Net sales climbed 14% to $9.76 billion, topping Wall Street models for $9.55 billion. On an organic basis, sales also came in at 14%.

Cardiovascular sales jumped 20% to $3.93 billion, making the unit Medtronic's largest top-line contributor. Sales across the company's neuroscience arm rose 10% to $2.68 billion, while sales across its medical-surgical business gained 10% to $2.28 billion.

Shares rose 8.3%, to $97.48, in premarket trading.

Separately, Medtronic also on Tuesday said it would invest about $700 million in Cornerstone Robotics, partnering with the surgical robotics company to distribute its systems in select international markets.

Medtronic additionally said it would invest up to $80 million in Pi-Cardia, strengthening its structural heart portfolio. The agreement includes an option for the company to acquire Pi-Cardia for roughly $210 million, dependent on the achievement of predefined milestones.