Despite Tuesday's losses, the stock has gained more than 7% since the start of the year.

Medtronic (MDT) shares slumped Tuesday after the medical device maker missed sales forecasts.

The company reported fiscal third-quarter revenue rose 2.5% year-over-year to $8.29 billion, below analysts' estimates compiled by Visible Alpha. Adjusted earnings per share (EPS) came in at $1.39, slightly above forecasts.

The revenue miss came as sales at Medtronic's Medical Surgical division declined 1.9% to $2.07 billion. The company pointed to stapling segment pressures, as well as a drop in purchases of its blood oxygen management products because of fewer respiratory-related hospitalizations in the U.S.

Shares of Medtronic fell more than 7% in intraday trading Tuesday following the release, though even with Tuesday's losses, they've gained more than 7% since the start of the year.