Medtronic warned investors today that they should no longer expect sales to grow at the 9 to 11 percent clip the company previously forecasted.

CEO Bill Hawkins said at a health-care conference that sales growth is predicted in the 5 to 8 percent range for the foreseeable future, Dow Jones reports.

The 24/7 Wall Street blog calls the news more evidence that medical devices aren’t recession proof. Dow Jones notes that the Fridley company faces tough competition in the drug-coated stent and implanted defibrillator markets.