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MEDTRONIC EARNINGS INCREASE 21.1 PCT. ON STRONG MARKET SHARE TRENDS

MEDTRONIC EARNINGS INCREASE 21.1 PCT. ON STRONG MARKET SHARE TRENDS
 MINNEAPOLIS, June 3 /PRNewswire/ -- Medtronic, Inc., (NYSE: MDT) today reported net earnings of $161.5 million, or $2.71 per share, on revenues of $1.177 billion for the fiscal year ended April 30, 1992. It was the company's seventh consecutive year of revenue and earnings growth.
 Annual net earnings increased 21.1 percent and earnings per share increased 20.4 percent compared with fiscal 1991 when Medtronic earned $133.4 million, or $2.25 a share (adjusted for a two-for-one stock split in August 1991), as revenues grew 15.2 percent to $1.021 billion.
 These comparisons include the effect of costs related to the merger with Bio-Medicus, Inc., which were recognized in fiscal 1991. Excluding the effect of these merger costs in the prior year, fiscal 1992 net earnings were up 17.1 percent and earnings per share increased 16.3 percent. Revenues for the year


just ended were negatively impacted by the effect of foreign currency translation.
 Fourth quarter revenues were $333.7 million, 18.6 percent over the $281.3 million of the same period in fiscal 1991. Net earnings for the quarter were $47.4 million, an increase of 17.9 percent. It was the company's strongest quarter ever.
 "Medtronic had a very strong fourth quarter and an excellent year," said William W. George, president and chief executive officer. "We are extremely pleased with market share trends in all six businesses resulting from new product offerings and an expanded worldwide sales organization. Medtronic is continuing to invest significantly in product development in order to maintain our leadership momentum."
 Operational performance was strong worldwide, led by sales of pacemakers and pacemaker leads in the United States. The Medtronic Elite(TM) dual chamber pacemaker continued to gain preference by the world's cardiologists and the Minuet(TM), introduced April 2, has received especially rapid acceptance in the medical community.
 Revenues from implantable neurological stimulation devices continued very strong throughout the year. Fourth-quarter sales of the Medtronic SynchroMed(TM) implantable, programmable drug infusion system doubled over sales in last year's fourth quarter. SynchroMed has been approved by the U.S. Food and Drug Administration (FDA) for the delivery of four cancer chemotherapeutic drugs and for delivery of morphine in treatment of malignant and non-malignant pain. It is awaiting FDA approval for use in treatment of intractable spasticity.
 Medtronic's tachyarrhythmia business unit made significant revenue contributions for the first time during fiscal 1992. Its implantable PCD(TM) device, employing an epicardial lead system to deliver a unique tiered therapy designed to treat tachycardia, was recommended in February by an FDA advisory panel for FDA approval. Medtronic's submission for pre-marketing approval of the device with a transvenous lead system took place during the first calendar quarter of 1992.
 Heart valve revenues continued strong. Sales of Medtronic's interventional vascular business were enhanced with the introduction in February of the Medtronic 14K(TM) over-the-wire balloon catheter for coronary angioplasty. Its Sherpa(TM) line of guiding catheters virtually doubled the revenues of that business in fiscal 1992.
 Medtronic Cardiopulmonary expanded its market position with several new products and accessories to augment its Maxima(TM) blood oxygenator and the Medtronic Bio-Medicus centrifugal blood pump.
 Medtronic, Inc., headquartered in Minneapolis, is a leading developer and manufacturer of biomedical devices for improving cardiovascular and neurological health.
 MEDTRONIC, INC.
 CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited) (In thousands, except per share data)
 Three Months Ended Year Ended
 4/30/92 4/30/91 4/30/92 4/30/91
 Net sales $333,745 $281,348 $1,176,912 $1,021,423
 Costs and expenses:
 Cost of products sold 104,494 86,840 381,779 331,702
 Research and development
 expense 30,857 24,462 109,181 89,474
 Selling, general, and
 administrative expense 125,659 109,617 439,908 393,861
 Interest expense 4,269 3,892 13,437 13,788
 Interest income (2,876) (2,454) (10,311) (9,661)
 Merger and acquisition
 costs(a) -- -- -- 6,021
 Total costs and expenses 262,403 222,357 933,994 825,185
 Earnings before
 income taxes 71,342 58,991 242,918 196,238
 Provision for income taxes 23,899 18,759 81,377 62,866
 Net earnings $47,443 $40,232 $161,541 $133,372
 Weighted average shares
 outstanding 59,611 59,506 59,606 59,290
 Earnings per share(a) $.80 $.68 $2.71 $2.25
 (a) The results for the year ended April 30, 1991, included $6,021 of merger and acquisition costs pertaining to the merger with Bio-Medicus. Removing these nonoperational costs results in earnings per share for year ended April 30, 1991, of $2.33.
 -0- 6/3/92
 /CONTACT: Dale Beumer (Investors), 612-574-3038 or Dick Reid (Media), 612-574-3052/
 (MDT) CO: Medtronic, Inc. ST: Minnesota IN: MTC SU: ERN


DS -- MN002 -- 6508 06/03/92 09:07 EDT
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Date:Jun 3, 1992
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