After receiving the necessary regulatory approval, Medtronic (NYSE:MDT) is launching its latest product on the global market. The medical devices company announced on Wednesday that it has received clearance from the U.S. Food and Drug Administration and the European Union for its Reveal LINQ Insertable Cardiac Monitor System, which is now available for purchase.

Medtronic said in a press release that the Reveal LINQ ICM is the smallest implantable cardiac monitoring device on the market, roughly 80% smaller than competing devices. It allows doctors to remotely monitor a patient's heart for up to three years.

The news comes on the heels of the company's third-quarter earnings release. Although quarterly revenue rose 3.4% on a year-over-year basis to $4.16 billion, net income dropped by nearly the same percentage to land at $916 million ($0.91 per share).

Eric Volkman has no position in Medtronic. The Motley Fool owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.