Medtronic Annual Revenue Up 8 Percent to $14.6 Billion

MINNEAPOLIS – May 19, 2009 – Medtronic, Inc. (NYSE: MDT) today announced financial results for its fiscal year and fourth quarter ended April 24, 2009.

Medtronic recorded fiscal year 2009 revenue of $14.599 billion, an 8 percent increase over the $13.515 billion in fiscal year 2008. Currency translation had a negative impact on revenue of $100 million for the fiscal year. As reported, fiscal year 2009 net earnings were $2.291 billion, or $2.04 per diluted share an increase of 3 percent and 5 percent respectively. The attached table details adjustments for restructuring, certain litigation, purchased in-process research and development (IPR&D) and special charges and discrete tax adjustments. After reconciling for these items in both periods, non-GAAP net earnings and diluted earnings per share for the fiscal year were $3.283 billion and $2.92, an increase of 10 percent and 12 percent respectively.

Fourth quarter revenue decreased approximately 1 percent to $3.829 billion from the $3.860 billion reported a year ago. Revenue growth on a constant currency basis was 5 percent after adjusting for the negative $211 million impact of currency translation in the fourth quarter. As reported, fourth quarter net earnings were $250 million, or $0.22 per diluted share. As detailed in the attached table, adjusting for restructuring, certain litigation, IPR&D and special charges and discrete tax adjustments, fourth quarter net earnings and diluted earnings per share on a non-GAAP basis were $916 million and $0.82, respectively.

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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