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Medtronic Report Strong Q1 Financial Results
Aug 23, 2006
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Medtronic, Inc. announced financial results for its first quarter of fiscal year 2007 ended July 28, 2006. Medtronic recorded first quarter fiscal year 2007 revenue of U.S. $2.9 billion, an 8 percent increase over the $2.7 billion in the first quarter of fiscal year 2006. Foreign currency translation had a positive impact of $6 million this quarter. As reported, first quarter fiscal year 2007 net earnings were $599 million, or $0.51 per diluted share, as compared to net earnings of $321 million, or $0.26 per diluted share for the same period last year, representing growth of 87 percent and 96 percent, respectively. Adjusted first quarter 2007 net earnings were $639 million, or $0.55 per diluted share, as compared to adjusted net earnings of $584 million, or $0.48 per diluted share for the same period last year, representing an increase of 9 percent and 15 percent, respectively. As detailed in the attached table, adjusted net earnings for these periods excludes the impact of a certain litigation charge of $40 million in first quarter 2007, excludes the impact of purchased in-process research and development (IPR&D) charges of $295 million in the first quarter 2006 and includes incremental SFAS No. 123(R) stock-based compensation expense of $32 million in first quarter 2006.

“Strong performances in Medtronic’s Spinal, Vascular, Neurological and Diabetes businesses helped offset weakness in the U.S. implantable defibrillator market during the quarter,” said Art Collins, Medtronic chairman and CEO. “We are encouraged by the strength of our new product pipeline, and we continue to make investments in R&D, market development and operating infrastructure to support future growth.”

Cardiac Rhythm Disease Management (CRDM) reported first quarter revenue of $1.250 billion, representing a decrease of 1 percent over the same period last fiscal year. Spinal and Navigation reported first quarter revenue of $599 million, representing 14 percent growth over the same period last fiscal year. Vascular reported first quarter revenue of $280 million, representing 37 percent growth over the same period of the last fiscal year. Vascular experienced solid growth across all of its major businesses and geographies.

Neurological reported first quarter revenue of $276 million, representing 17 percent growth over the same quarter one year ago. Growth was driven by new products and strong performance across all therapies, in particular, neurostimulation for chronic pain, movement disorders and overactive bladder. Diabetes reported first quarter revenue of $196 million, representing 13 percent growth over the same period last fiscal year, supported by worldwide insulin pump growth of more than 20 percent.

Cardiac Surgery reported first quarter revenue of $168 million, representing 2 percent growth over the same period last year. Ear, Nose and Throat (ENT), which also includes neurologic technology products, reported first quarter revenue of $128 million, representing 7 percent growth over the same period last year.

In reviewing the quarter, Collins concluded, “While this past quarter presented some challenging market dynamics, we remain optimistic about the underlying strength of our diversified business base and our future growth prospects.”

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