Medtronic Reports Q2 Revenue Growth Nov 22, 2006

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Medtronic, Inc. announced financial results for its second quarter of fiscal year 2007, which ended October 27, 2006. Medtronic recorded second quarter revenue of U.S. $3.075 billion, an 11 percent increase over the $2.765 billion reported in the second quarter of the prior fiscal year. On a constant currency basis, revenue growth was 10 percent with a positive currency translation impact of $33 million. As reported, second quarter fiscal year 2007 net earnings were $681 million, or $0.59 per diluted share, representing a decrease of 12 percent over the same quarter last year. However, EPS grew 13 percent after adjusting last year’s second quarter for stock option expensing and special gains and charges to make a more meaningful comparison.

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