Medtronic Reports 2006 Revenue Up 12 Percent May 24, 2006

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Medtronic, Inc. announced financial results for its fiscal year and fourth quarter ended April 28, 2006. Medtronic recorded fiscal year 2006 revenue of U.S. $11.303 billion, a 12 percent increase over the $10.055 billion in fiscal year 2005. On a constant currency basis, growth was 13 percent with a negative currency translation impact of $118 million. As reported fiscal year 2006 net earnings were $2.553 billion, or $2.10 per diluted share, an increase of 42 percent over the prior year.

Fiscal fourth quarter revenue increased 11 percent to $3.077 billion from the $2.778 billion reported a year ago. On a constant currency basis, growth was 13 percent with a negative currency translation impact of $69 million. Reported fourth quarter net earnings were $747 million, or $0.62 per diluted share, an increase of 284 percent and 288 percent over the prior year. Excluding certain litigation charges and a one-time tax charge included in the prior year fourth quarter, net earnings and earnings per share increased 16 percent and 17 percent.

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