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Medtronic Provides Financial Outlook for 2006-2008
May 25, 2005
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Medtronic, Inc. provided initial financial guidance for fiscal years 2006 through 2008 on its year-end conference call with analysts and investors. The company projected revenue of between U.S. $11.1 and $11.6 billion, and diluted earnings per share (EPS) of between $2.10 and $2.15 for fiscal 2006.

Medtronic also reiterated its long-standing financial objectives of 15 percent growth over any five-year period for revenue and earnings; a 20 percent or better return on average equity; and 20 percent payout of prior year earnings in the form of cash dividends.

"Our focus remains on long-term sustainable growth," said Gary Ellis, Medtronic's CFO. "With solid performance across our various businesses leading into fiscal year 2006 and our continuing commitment to investment in new and innovative medical technology, we are confident that we will achieve our financial objectives in fiscal year 2006 and beyond."

Medtronic also provided ranges of expectations for fiscal 2007 and 2008. The company expects revenue of between $12.2 and $13.3 billion for fiscal 2007 and projects diluted earnings per share of between $2.37 and $2.47. For fiscal year 2008, the company expects revenue of between $14.0 and $16.0 billion and projects diluted earnings per share of between $2.70 and $2.90.

The earnings per share ranges for fiscal 2006 through 2008 exclude the effect of any special or extraordinary charges that may impact the company's continuing operations and only reflect information available to the company at this time.

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