Medtronic Inc. (NYSE: MDT) closed out fiscal 2010 in fine shape, posting record fourth-quarter revenues and a profit surge of more than 826 percent.

The Fridley, Minn.-based medical device monolith posted net earnings of $954 million, or 86 cents per diluted share, on sales of $4.20 billion during the three months ended April 30. It's the first time sales topped the $4 billion mark for Medtronic. TheQ4 2010 results compare to earnings of $103 million, or 9 cents per diluted share, on sales of $3.83 billion during the same period last year.

For the full year, Medtronic reported revenues of $15.82 billion, up 8.3 percent compared with $14.60 billion during fiscal 2009. Annual profits were $3.10 billion, or $2.79 per diluted share, compared with $2.07 billion, or $1.84 per diluted share, during the prior year.

Excluding about $788 million in charges related to acquisitions, charitable donations, legal expenses and tax adjustments, fourth-quarter and full-year net earnings rose 8 percent and 9 percent, respectively.

Medtronic said its cardiac rhythm disease management division gained on Boston Scientific Corp.'s (NYSE:BSX) loss, after its Natick, Mass.-based competitor began holding all shipments of its implantable cardioverter defibrillators and cardiac resynchronization therapy defibrillators and pulled all inventory from the field after discovering that it missed a pair of filings with the Food & Drug Administration. Medtronic said fourth-quarter sales of its implantable cardioverter defibrillators rose 10 percent to $881 million, "due in part to a competitor's suspension of sales," according to its earnings release.

St. Jude Medical Inc. (NYSE:STJ) also cashed in on what it called the "Boston Debacle" during its first quarter, reporting that its total cardiac rhythm management sales, including ICDs and pacemakers, jumped 11 percent to $752 million. The company estimates it generated $20 million to $25 million of those Q1 sales from BSXs shipment hold and added two or three cents to its first-quarter profit of 73 cents a share ($238.6 million).

Medtronic said it expects revenue growth in the range of 5 percent to 8 percent for fiscal 2011, with diluted earnings per share in the range of $3.45 to $3.55.