Medtronic Reports Second Quarter Revenue Growth of 15% and 23% Growth in Diluted EPS Before Special Items; After Special Items, as Reported Diluted EPS of $0.67 Increased 52%.MINNEAPOLIS -- Medtronic, Inc. (NYSE NYSE See: New York Stock Exchange :MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → ): --Implantable Cardioverter Defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a (ICD ICD International Classification of Diseases (of the World Health Organization); intrauterine contraceptive device. ICD abbr. ) Revenues Grew 34%; Worldwide Market Share Continued to Increase --Spinal Continued Track Record of Strong Growth with Revenues Up 20% --Diabetes Revenues Grew 17% --Quarterly Vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. Revenues Reflect Positive Acceptance of the Endeavor Drug Eluting Coronary Stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent in Europe --Favorable Resolution of Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ) Tax Audit Resulted in $225 million Tax Reversal and Tax Rate Reduction Medtronic, Inc. (NYSE:MDT) today announced record revenues for the quarter ended October 28, 2005 of $2.765 billion, a 15 percent increase over the $2.400 billion recorded in the second quarter of fiscal year 2005. As reported, second quarter actual earnings were $816.5 million or $0.67 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of 52 percent over the prior year second quarter. Before special items, second quarter net earnings of $657.1 million, or $0.54 per diluted share, increased 23 percent over net earnings of $535.7 million and $0.44 per diluted share recorded in the same period last year. "Balanced growth across the corporation was again led by implantable defibrillators and spinal spinal /spi·nal/ (spi´n'l) 1. pertaining to a spine or to the vertebral column. 2. pertaining to the spinal cord's functioning independently from the brain. spi·nal adj. products", said Art Collins, chairman and chief executive officer of Medtronic. "Very solid growth momentum has continued throughout the year and reflects the impact of the investments which have been made and that are continuing. As a result, the corporation is well positioned to maintain strong financial performance going forward." Factors to Consider When Reviewing Financial Performance During the second quarter, Medtronic recorded net after-tax, special items of $159.4 million of benefit, which included a pre-tax $100.0 million donation ($65.6 million after-tax) to the Medtronic Foundation and a $225.0 million tax benefit associated with favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. resolution of field audits with the Internal Revenue Service (IRS) involving fiscal years 1997 through 2002. As a result of these finalized See finalization. field audits with the IRS, Medtronic's effective tax rate for the full fiscal year 2006, before special and IPR&D charges, is expected to be reduced to 26 percent from 28 percent. The effective rate reflected in the second quarter has been adjusted to annualize Annualize 1. To convert a rate of any length into a rate that reflects the rate on an annual (yearly) basis. This is most often done on rates of less than one year, and usually does not take into account the effects of compounding. this new effective tax rate. Reflecting the strengthening dollar, foreign currency translation had a negative effect on second quarter revenues of $3.3 million compared to the prior year second quarter. Cardiac Rhythm Management Cardiac rhythm management is a field of treatment in cardiology. The purpose is managing cardiac rhythm disorders. Usually it involves artificial pacemakers and/or implantable cardioverter-defibrillator therapy as well as antiarrhythmia drugs. Business Cardiac Rhythm Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) quarterly revenues were $1.289 billion, representing growth of 17 percent over the same period last fiscal year. ICD revenues were $733 million in the quarter, a 34 percent increase over the same period last fiscal year. ICD revenue gains underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. the strength of Medtronic's ICD product line and sales and support teams. Market share gains in the quarter also reflect, in part, the changing competitive dynamics in the marketplace. Quarterly pacing revenues were $459 million in the quarter, up five percent over the same period last year. This reflects a return to growth in pacing driven by new products released in the previous two quarters. Medtronic's Emergency Response Systems business reported revenues of $81 million, a decrease of 21 percent, which was the result of vendor supply issues. CRM highlights included: --Medtronic's InSync Sentry(TM) CRT-D CRT-D Cardiac Resynchronization Therapy - Defibrillators system, with OptiVol(TM) Fluid Status Monitoring, continued to be well received by physicians and now represents the majority of Medtronic CRT-D units sold worldwide. These products, combined with the recently released EnRhythm ICD and Intrinsic families, helped drive worldwide and U.S. ICD market share. --The introduction of the EnRhythm(R) pacemaker pacemaker Source of rhythmic electrical impulses that trigger heart contractions. In the heart's electrical system, impulses generated at a natural pacemaker are conducted to the atria and ventricles. with the unique Managed Ventricular ven·tric·u·lar adj. Of or relating to a ventricle or ventriculus. ventricular pertaining to a ventricle. ventricular assist device Pacing (MVP (Multimedia Video Processor) A high-speed DSP chip from Texas Instruments, introduced in 1994. Officially introduced as the TMS320C80, it combines RISC technology with the functionality of four DSPs on one chip. ) feature has contributed to improved U.S. pacing market. In addition, global pacing revenue growth benefited from Japanese regulatory approval of the Kappa(R) 900 family during the quarter. --Medtronic's Pre-Market Approval (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ) submission for the Chronicle(R) implantable hemodynamic he·mo·dy·nam·ics n. (used with a sing. verb) The study of the forces involved in the circulation of blood. he monitor has been accepted and granted "expedited review" status by the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ). The PMA will also support Chronicle(TM) ICD - a Chronicle device with ICD therapy. --The company announced the approval of its CardioSight(TM) Service, an in-clinic data access tool available to physicians treating heart failure patients. --The Medtronic CareLink(R) Network continued to expand, surpassing the milestone of 50,000 patients who are now being monitored by over 600 clinics. Spinal, ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology and Navigation Businesses Spinal / Ear, Nose and Throat (ENT) / Navigation revenues for the quarter were $603 million, representing 19 percent growth over the same period last fiscal year. Spinal revenues of $516 million increased 20 percent over the same period last fiscal year maintaining a track record of strong growth and market share improvement. Highlights included: --Medtronic filed a PMA for AMPLIFY(TM) rhBMP-2, which has a different formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation and carrier of rhBMP-2 designed specifically for posterolateral applications. Spinal biologics revenues increased in excess of 30% over the same period last fiscal year. --In markets outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Medtronic's portfolio of dynamic stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders products, which includes the DIAM(TM) System, the MAVERICK Maverick family name of two brothers, Bret and Bait; self-centered and untrustworthy gentlemen gamblers. [TV: Terrace, II, 80] See : Gambling (TM) and O-MAV(TM) Artificial Lumbar lumbar /lum·bar/ (lum´bar) pertaining to the loins. lum·bar adj. Of, near, or situated in the part of the back and sides between the lowest ribs and the pelvis. Discs and the PRESTIGE(R) LP and BRYAN(R) Cervical cervical /cer·vi·cal/ (ser´vi-k'l) 1. pertaining to the neck. 2. pertaining to the neck or cervix of any organ or structure. cer·vi·cal adj. Discs, continued to gain momentum and collectively hold the number one market position in Europe. --During the quarter, several innovative new products were introduced, including the CD HORIZON Sextant sextant, instrument for measuring the altitude of the sun or another celestial body; such measurements can then be used to determine the observer's geographical position or for other navigational, surveying, or astronomical applications. (R) II, a percutaneous percutaneous /per·cu·ta·ne·ous/ (per?ku-ta´ne-us) performed through the skin. per·cu·ta·ne·ous adj. Passed, done, or effected through the unbroken skin. thoracolumbar thoracolumbar /tho·ra·co·lum·bar/ (-lum´bar) pertaining to thoracic and lumbar vertebrae. tho·ra·co·lum·bar adj. 1. Of or relating to the thoracic and lumbar parts of the spinal column. stabilization system; METRX(TM) II, a streamlined microdiscectomy set; and TSRH TSRH Texas Scottish Rite Hospital for Children (Dallas, TX) Silo silo, watertight and airtight structure for making and storing silage. Silos vary in form from a covered pit, such as was used by the early Romans, to the modern storage tower, dating from the 19th cent. (R), a side-loading thoracolumbar stabilization system. Neurological neurological, neurologic pertaining to or emanating from the nervous system or from neurology. neurological assessment evaluation of the health status of a patient with a nervous system disorder or dysfunction. and Diabetes Businesses Neurological and Diabetes quarterly revenues of $487 million increased 13 percent over the same quarter one year ago. Total Neurological revenues were $309 million in the quarter, an 11 percent growth over the same quarter last year. Diabetes revenues were $178 million, a 17 percent increase over the same quarter last fiscal year. Highlights from the quarter included: --Revenues from the RESTORE(TM) Rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re Neurostimulation System benefited from the September introduction of a flexible extender See Media Center Extender, bus extender and DOS extender. , which allows for easier device replacement. RESTORE is estimated to hold the leading market share position in the rapidly growing rechargeable segment of the market. --In August, Medtronic acquired Image-Guided Neurologics Inc. (IGN IGN Ignored (Status) IGN Institut Geographique National IGN Ignition IGN Instituto Geografico Nacional (Spain) IGN Imagine Games Network IGN In-Game Name (gaming) ), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. specializing in precision navigation and delivery technologies for brain surgery. --The company initiated a controlled market release of the Guardian(R) RT Continuous Glucose Monitoring glucose monitoring Lab medicine The periodic evaluation of any analyte abnormal in Pts with DM, to assess short and long-term control with antiglycemic agents. See Glucose, Glycated hemoglobin. System in the U.S., Canada and Europe. The system displays real-time glucose readings every five minutes and alarms when glucose levels become too high or low. Diabetes patients can now intervene earlier to maintain healthy glucose control, and print records for follow-up discussions with their healthcare providers. Vascular Business Vascular revenues of $225 million for the quarter represented 12 percent growth over the same period last fiscal year. Vascular highlights included: --The Endeavor(TM) Drug Eluting Coronary Stent was commercially released in over 85 countries outside the U.S. Market share increased as revenues of $36 million were recorded. --U.S. ENDEAVOR clinical trials were reported upon and enrollment gained momentum over the course of the quarter. Clinical results presented at the European Society of Cardiology The European Society of Cardiology (ESC) represents more than 50,000 cardiology professionals across Europe and the Mediterranean. Its mission is to reduce the impact of cardiovascular disease in Europe. (ESC See escape character and escape key. See also ESC/P. ESC - escape ) and the Transcatheter Cardiovascular Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. (TCT TCT The Capital Times (Madison, WI newspaper) TCT Transcatheter Cardiovascular Therapeutics TCT The Coroner's Toolkit TCT Trans Canada Trail TCT Tcl Core Team TCT Tsukuba College of Technology (Japan) ) conference further expanded the medical evidence supporting the clinical performance of the Endeavor Drug Eluting Coronary Stent. In addition, the company filed its first PMA module for Endeavor with the U.S. FDA in early October and enrollment in the ENDEAVOR IV clinical trial is progressing as planned. The company remains on track for targeted U.S. approval in calendar year 2007. --Endovascular product lines, including the AneuRx(R) and Talent(TM) Stent Grafts Difference Between a Stent Graft and a Stent A stent graft is a tubular device, which is composed of special fabric supported by a rigid structure, usually metal. The rigid structure is called a stent. for the treatment of abdominal abdominal /ab·dom·i·nal/ (ab-dom´i-n'l) pertaining to the abdomen. ab·dom·i·nal adj. Of or relating to the abdomen. n. An abdominal muscle. and thoracic thoracic /tho·rac·ic/ (thah-ras´ik) pectoral; pertaining to the thorax (chest). tho·rac·ic adj. Of, relating to, or situated in or near the thorax. aortic aneurysms Aortic Aneurysm Definition An aneurysm is an abnormal bulging or swelling of a portion of a blood vessel. The aorta, which can develop these abnormal bulges, is the large blood vessel that carries oxygen-rich blood away from the heart to the rest of the (AAA/TAA), grew 11% worldwide and maintained market leadership positions. Cardiac Surgery Cardiac surgery is surgery on the heart and/or great vessels performed by a cardiac surgeon. Frequently, it is done to treat complications of ischemic heart disease (for example, coronary artery bypass grafting), correct congenital heart disease, or treat valvular heart disease Business Cardiac Surgery revenues of $161 million in the quarter grew one percent over the same period last fiscal year. Highlights from the quarter included: --The Mosaic(R) and Mosaic(R) Ultra Heart Tissue Valves continued to drive growth in Medtronic's tissue heart valve product line. --Cardiac Surgery Technologies (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) revenues were led by market acceptance of the Cardioblate(R) BP Surgical Ablation ablation /ab·la·tion/ (-shun) 1. separation or detachment; extirpation; eradication. 2. removal or destruction, especially by cutting. ab·la·tion n. Systems, which continues to be enhanced by the new Cardioblate(R) BP2 system. Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease. Its Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is www.medtronic.com. Webcast Information Medtronic will host a webcast today, November 16 at 4:30 pm EST EST electroshock therapy. EST abbr. electroshock therapy (3:30 CST), to provide information about its businesses for the public, analyst and news media. This quarterly webcast can be accessed by clicking on the Investor Relations Investor relations The process by which the corporation communicates with its investors. link on the Medtronic home page at www.medtronic.com., and this earnings release will be archived at www.medtronic.com/newsroom. Within 24 hours, a replay of the webcast and a transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the company's prepared remarks will be available in the "Presentations & Transcripts" section of the Investor Relations homepage. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding clinical trials, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, general economic conditions and others described in Medtronic's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended April 29, 2005. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statement. The BRYAN(R) Cervical Disc System incorporates technology developed by Gary K. Michelson Gary K. Michelson, founder of Karlin Technology, is a surgeon turned inventor. On April 22, 2005, Medtronic Inc. paid US$ 1.35 billion to settle a patent lawsuit and also to acquire his spine surgery-related patents. External links
MEDTRONIC, INC.
RECONCILIATION OF CONSOLIDATED GAAP EARNINGS
TO CONSOLIDATED NON-GAAP EARNINGS
(Unaudited)
(in millions, except per share data)
Three months
ended
Three months ended October 29,
October 28, 2005 2004
-------------------------------------- ------------
Before
Special Special U.S. GAAP U.S. GAAP
Charges Charges (1) As Reported As Reported
------------ ------------ ------------ ------------
Net sales $2,765.4 $- $2,765.4 $2,399.8
Costs and
expenses:
Cost of products
sold 694.8 - 694.8 584.8
Research and
development
expense 275.4 - 275.4 232.7
Selling,
general, and
administrative
expense 903.2 - 903.2 772.0
Special charges - 100.0 100.0 -
Other expense,
net 40.5 - 40.5 62.9
Interest income (13.4) - (13.4) (7.1)
------------ ------------ ------------ ------------
Total costs and
expenses 1,900.5 100.0 2,000.5 1,645.3
------------ ------------ ------------ ------------
Earnings (loss)
before income
taxes 864.9 (100.0) 764.9 754.5
Provision for
income taxes 207.8 (259.4) (51.6) 218.8
------------ ------------ ------------ ------------
Net earnings $657.1 $159.4 $816.5 $535.7
============ ============ ============ ============
Earnings (loss)
per share:
Basic $0.54 $0.13 $0.68 $0.44
============ ============ ============ ============
Diluted $0.54 $0.13 $0.67 $0.44
============ ============ ============ ============
Weighted average
shares
outstanding:
Basic 1,208.6 1,208.6 1,209.5
Diluted 1,222.5 1,222.5 1,221.4
(1) - Medtronic management believes that in order to properly
understand Medtronic's short-term and long-term financial trends,
investors may wish to consider the impact of special (such as certain
litigation, restructuring charges, and certain tax adjustments) and
IPR&D charges. These charges result from facts and circumstances that
vary in frequency and/or impact on continuing operations. In
addition, Medtronic management uses results of operations before
special and IPR&D charges to evaluate the operational performance of
the Company and as a basis for strategic planning. Investors should
consider these non-GAAP measures in addition to, and not as a
substitute for, financial performance measures prepared in accordance
with GAAP.
MEDTRONIC, INC.
RECONCILIATION OF CONSOLIDATED GAAP EARNINGS
TO CONSOLIDATED NON-GAAP EARNINGS
(Unaudited)
(in millions, except per share data)
Six months
ended
Six months ended October 29,
October 28, 2005 2004
-------------------------------------- ------------
Before
Special Special
and IPR&D and IPR&D U.S. GAAP U.S. GAAP
Charges Charges (1) As Reported As Reported
------------ ------------ ------------ ------------
Net sales $5,455.8 $- $5,455.8 $4,745.9
Costs and
expenses:
Cost of products
sold 1,348.6 - 1,348.6 1,135.1
Research and
development
expense 538.6 - 538.6 462.4
Selling, general,
and
administrative
expense 1,785.6 - 1,785.6 1,541.7
Special charges - 100.0 100.0 -
Purchased in-
process research
and development
(IPR&D) - 363.8 363.8 -
Other expense 91.5 - 91.5 117.5
Interest income (28.8) - (28.8) (11.4)
------------ ------------ ------------ ------------
Total costs and
expenses 3,735.5 463.8 4,199.3 3,245.3
------------ ------------ ------------ ------------
Earnings (loss)
before income
taxes 1,720.3 (463.8) 1,256.5 1,500.6
Provision for
income taxes 447.3 (327.9) 119.4 435.2
------------ ------------ ------------ ------------
Net earnings
(loss) $1,273.0 $(135.9) $1,137.1 $1,065.4
============ ============ ============ ============
Earnings (loss)
per share:
Basic $1.05 $(0.11) $0.94 $0.88
============ ============ ============ ============
Diluted $1.04 $(0.11) $0.93 $0.87
============ ============ ============ ============
Weighted average
shares
outstanding:
Basic 1,209.6 1,209.6 1,209.3
Diluted 1,222.4 1,222.4 1,221.2
(1) - Medtronic management believes that in order to properly
understand Medtronic's short-term and long-term financial trends,
investors may wish to consider the impact of special (such as certain
litigation, restructuring charges, and certain tax adjustments) and
IPR&D charges. These charges result from facts and circumstances that
vary in frequency and/or impact on continuing operations. In
addition, Medtronic management uses results of operations before
special and IPR&D charges to evaluate the operational performance of
the Company and as a basis for strategic planning. Investors should
consider these non-GAAP measures in addition to, and not as a
substitute for, financial performance measures prepared in accordance
with GAAP.
MEDTRONIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
October 28, April 29,
2005 2005
------------- -------------
(in millions of dollars,
except per share data)
ASSETS
------
Current assets:
Cash and cash equivalents............... $1,947.8 $2,232.2
Short-term investments.................. 2,229.5 1,159.4
Accounts receivable, less allowances of
$175.5 and $174.9, respectively........ 2,316.2 2,292.7
Inventories............................. 1,126.6 981.4
Deferred tax assets, net................ 81.5 385.6
Prepaid expenses and other current
assets................................. 417.4 370.2
------------- -------------
Total current assets................... 8,119.0 7,421.5
Property, plant and equipment............. 3,707.2 3,628.6
Accumulated depreciation.................. (1,825.0) (1,769.3)
------------- -------------
Net property, plant and equipment...... 1,882.2 1,859.3
Goodwill.................................. 4,331.1 4,281.2
Other intangible assets, net.............. 1,632.8 1,018.0
Long-term investments..................... 1,346.0 1,565.7
Other assets.............................. 456.4 471.7
------------- -------------
Total assets........................... $17,767.5 $16,617.4
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Short-term borrowings................... $2,835.1 $478.6
Accounts payable........................ 340.7 371.8
Accrued compensation.................... 598.3 542.2
Accrued income taxes.................... 674.7 923.3
Other accrued expenses.................. 450.3 1,064.1
------------- -------------
Total current liabilities.............. 4,899.1 3,380.0
Long-term debt............................ 1,001.2 1,973.2
Deferred tax liabilities, net............. 370.9 478.1
Long-term accrued compensation............ 171.9 157.9
Other long-term liabilities............... 190.7 178.7
------------- -------------
Total liabilities...................... 6,633.8 6,167.9
Commitments and contingencies............. -- --
Shareholders' equity:
Preferred stock -- par value $1.00...... -- --
Common stock -- par value $0.10......... 120.7 121.0
Retained earnings....................... 10,843.8 10,178.5
Accumulated other non-owner changes in
equity................................. 169.2 150.0
------------- -------------
Total shareholders' equity............. 11,133.7 10,449.5
------------- -------------
Total liabilities and shareholders'
equity................................ $17,767.5 $16,617.4
============= =============
MEDTRONIC, INC.
REVENUE BY OPERATING SEGMENT
(Unaudited)
($ millions)
----------------------------------------------------------------------
FY 05 FY 05 FY 05 FY 05 FY 05
QTR 1 QTR 2 QTR 3 QTR 4 TOTAL
----------------------------------------------------------------------
REPORTED REVENUE :
CARDIAC RHYTHM
MANAGEMENT $1,097 $1,104 $1,150 $1,265 $4,616
Low Power Pacing 451 438 431 436 1,756
High Power
Defibrillation 551 546 598 684 2,379
Emergency
Response Systems 79 104 104 126 413
Other 16 16 17 19 68
SPINAL, ENT &
NAVIGATION $484 $506 $536 $599 $2,125
Spinal Constructs 317 332 343 380 1,372
Spinal Biologics 89 99 107 118 413
Ear, Nose & Throat
(ENT) 58 55 61 67 241
Navigation 20 20 25 34 99
NEUROLOGICAL and
DIABETES $408 $430 $460 $496 $1,794
Neurological 170 179 184 206 739
Gastroenterology &
Urology 42 45 49 52 188
Neurologic
Technologies 50 53 56 59 218
Diabetes 146 153 171 179 649
VASCULAR $196 $201 $221 $233 $851
Stents 71 78 86 82 317
Other Coronary 71 71 77 89 308
Endovascular/
Peripheral 54 52 58 62 226
CARDIAC SURGERY $161 $159 $164 $185 $669
Heart Valves 56 54 56 64 230
Perfusion 79 79 80 89 327
Cardiac Surgery
Technologies 26 26 28 32 112
TOTAL $2,346 $2,400 $2,531 $2,778 $10,055
=================================================
ADJUSTMENTS :
CURRENCY (1) 35 40 59 32 $166
COMPARABLE
OPERATIONS (1) $2,311 $2,360 $2,472 $2,746 $9,889
=================================================
----------------------------------------------------------------------
FY 06 FY 06 FY 06 FY 06 FY 06
QTR 1 QTR 2 QTR 3 QTR 4 TOTAL
----------------------------------------------------------------------
REPORTED REVENUE :
CARDIAC RHYTHM
MANAGEMENT $1,268 $1,289 $- $- $2,557
Low Power Pacing 446 459 - - 905
High Power
Defibrillation 718 733 - - 1,451
Emergency
Response Systems 87 81 - - 168
Other 17 16 - - 33
SPINAL, ENT &
NAVIGATION $589 $603 $- $- $1,192
Spinal Constructs 376 382 - - 759
Spinal Biologics 128 134 - - 261
Ear, Nose & Throat
(ENT) 65 64 - - 129
Navigation 20 23 - - 43
NEUROLOGICAL and
DIABETES $463 $487 $- $- $950
Neurological 186 204 - - 389
Gastroenterology &
Urology 49 48 - - 97
Neurologic
Technologies 55 57 - - 112
Diabetes 173 178 - - 352
VASCULAR $205 $225 $- $- $430
Stents 65 90 - - 155
Other Coronary 81 78 - - 160
Endovascular/
Peripheral 59 57 - - 115
CARDIAC SURGERY $165 $161 $- $- $327
Heart Valves 58 56 - - 114
Perfusion 79 78 - - 157
Cardiac Surgery
Technologies 28 27 - - 56
TOTAL $2,690 $2,765 $- $- $5,456
=================================================
ADJUSTMENTS :
CURRENCY (1) 26 (3) $23
COMPARABLE
OPERATIONS (1) $2,664 $2,768 $- $- $5,433
=================================================
----------------------------------------------------------------------
(1) - Medtronic management believes that in order to properly
understand Medtronic's short-term and long-term financial trends,
investors may wish to consider the impact of foreign currency
translation on revenue. In addition, Medtronic management uses
results of operations before currency translation to evaluate the
operational performance of the Company and as a basis for strategic
planning. Investors should consider these non-GAAP measures in
addition to, and not as a substitute for, financial performance
measures prepared in accordance with GAAP.
Note: The data in this schedule has been intentionally rounded to the
nearest million and therefore the quarterly revenues may not sum to
the fiscal year to date revenues.
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion