Adds details on diabetes business separation in paragraphs 3,10, investments in paragraph 4

June 3 (Reuters) - Medtronic MDT.N beat Wall Street estimates for fourth-quarter revenue and adjusted profit on Wednesday, riding the wave of steady demand for its heart devices used in complex cardiac procedures.

Shares of the company were up 2.8% in premarket trading.

The medical device maker has been focusing on smaller, targeted acquisitions to strengthen its portfolio, while it works through the separation of its diabetes business.

Medtronic said on Wednesday it has invested in two privately held companies, California-based Beluga Medical and Shenzhen-based CardioACC, which develop heart-imaging catheter technologies, to expand its cardiac portfolio.

The company has struck several deals in recent months to strengthen its cardiovascular and surgical robotics offerings, including a roughly $650 million acquisition of SPR Therapeutics and deals for CathWorks, Scientia Vascular and Fortimedix.

Medtronic's fourth-quarter revenue came in at $9.81 billion, compared with estimates of $9.63 billion, according to data compiled by LSEG.

Sales in its largest cardiovascular segment jumped 13.8% to $3.8 billion during the quarter, powered by strong demand for its pulsed field ablation portfolio.

On an adjusted basis, Medtronic reported quarterly profit of $1.55 per share, narrowly beating analysts' average estimate of $1.54 per share.

The Dublin, Ireland-based company forecast adjusted annual profit in the range of $5.90 to $6 per share for fiscal 2027, below the $6.06 per share analysts had penciled in, according to data compiled by LSEG.

Medtronic's outlook for 2027 accounts for its diabetes business, now a publicly traded company called MiniMed MMED.O. The company said it would revise its forecast if the diabetes business is separated before the end of the year.

Medtronic said it now expects a tariff impact of $250 million in fiscal 2027, down from $300 million earlier.