Medtronic (NYSE: MDT) picked a bad day to report earnings. As the Motley Fool Hidden Gems team said on Twitter today, "Wow, this is a good ol' fashioned throw the stock out with the bath water day."

OK, so beating earnings estimates by a penny or two -- depending on what you subtract to get adjusted earnings -- isn't anything to get overly excited about, but it doesn't deserve a nearly 3% drop either.

Medtronic finished its fiscal year strongly with a 10% increase in revenue thanks in part to currency changes; revenue was up 6% if you ignore them. And it reported more than $4 billion in revenue in one quarter for the first time.

Sales of the company's implantable cardioverter defibrillators (ICDs) benefited from a slip-up by competitor Boston Scientific (NYSE: BSX), which had to issue a recall after not filing paperwork with the Food and Drug Administration. Medtronic estimates that it was able to grab about two-thirds of Boston Scientific's share of the market during the month or so that Boston Scientific wasn't able to sell its ICDs.

Now that Boston Scientific has relaunched its products, we'll have to see how much of the gained market share Medtronic and competitor St. Jude Medical (NYSE: STJ) can hold onto. Since it wasn't a quality issue, some doctors will shrug it off and go back to Boston Scientific. But if Medtronic and St. Jude play their cards right, they should be able to keep some of the customers that Boston Scientific so graciously handed them.

Looking forward, Medtronic is guiding for a 5% to 8% increase in revenue at constant currency. Being a pure medical device maker, investors get middle-of-the-road growth; not as quick as Abbott Labs (NYSE: ABT), which gets a boost from its fast-growing drugs, but not as slow as Johnson & Johnson (NYSE: JNJ), which has to deal with patent expirations on its drugs.

More importantly, Medtronic thinks it can grow earnings even quicker. Excluding charges from acquiring ATS Medical, the company expects adjusted earnings per share to come in between $3.50 and $3.60 next year, more than 10% higher than last fiscal year's adjusted earnings at the midpoint.

If Medtronic can hit that kind of growth, investors will surely notice. Eventually.

Johnson & Johnson is a Motley Fool Income Investor pick. Motley Fool Options has recommended buying calls on shares of Johnson & Johnson. 

Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. The Fool owns shares of Medtronic and has a disclosure policy.