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MEDTRONIC EARNINGS PER SHARE INCREASE 22.5 PCT. FOR FISCAL 1993; ALL SIX BUSINESSES CONTRIBUTE IN FOURTH QUARTER

 MINNEAPOLIS, May 27 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT), today reported net earnings of $3.32 per share, an increase of 22.5 percent. Revenues increased 12.9 percent to $1.328 billion for the fiscal year ended April 30, 1993. It was the company's eighth consecutive year of growth in revenues and earnings.
 Revenues increased 14.9 percent over last year after adjusting for the effects of previously announced divestitures of the Nortech division of the neurological business and the CardioCare pacemaker monitoring business. Annual net earnings of $197.2 million were 22.1 percent above the $161.5 million reported for fiscal 1992 when Medtronic earned $2.71 a share on revenues of $1.177 billion.
 Fourth quarter revenues were $358.3 million, an increase of 7.4 percent over the $333.7 million in fiscal 1992 or 11.5 percent on comparable operations. Net earnings for the quarter were $58.0 million, an increase of 22.2 percent over the $47.4 million reported a year earlier.
 "Medtronic had an excellent year," said William W. George, president and chief executive officer. "We are particularly pleased that all six businesses contributed positively to earnings in the fourth quarter. Medtronic is well positioned to compete responsibly and effectively in a changing world health care environment and is confident of its ability to continue to meet its financial goals."
 Highlighting the year was Medtronic's Tachyarrhythmia Management business with revenues up sharply following the U.S. commercial introduction of the Medtronic PCD(R) in February. George said, "We are very pleased with the market's rapid acceptance of the PCD, confirming that the automatic implantable cardioverter-defibrillator is the most important medical device to be introduced this decade."
 Another highlight was the performance of the Interventional Vascular business where the continuing strong medical acceptance of its 14K(R) over-the-wire and Gold Xchange(TM) catheters brought double-digit revenue growth.
 The Cardiopulmonary business showed strong gains on sales of the Maxima(R) oxygenator and Bio-pump(R). Heart Valve revenues also showed solid gains over last year.
 The Medtronic Bradycardia Pacing business reported continuing sales growth, reflecting increased acceptance of the dual chamber product line headed by the Elite II(TM) pacemaker.
 Medtronic again received significant contributions from the Neurological business, as a result of double-digit growth in sales of the Itrel II(R) spinal cord stimulation system and the implantable SynchroMed(R) drug infusion system.
 Medtronic, Inc., headquartered in Minneapolis, is the world's leading therapeutic medical device company.
 MEDTRONIC, INC.
 Consolidated Statement of Earnings
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended Year Ended
 4/30/93 4/30/92 4/30/93 4/30/92
 Net sales $358,284 $333,745 $1,328,208 $1,176,912
 Costs and expenses:
 Cost of products sold 112,845 104,494 420,132 381,779
 Research and development
 expense 36,462 30,857 132,955 109,181
 Selling, general and
 administrative expense 123,416 125,659 480,006 439,908
 Interest expense 2,125 4,269 10,448 13,437
 Interest income $(2,461) $(2,876) $(8,791) $(10,311)
 Litigation settlement -- -- (50,000) --
 Intangible asset amortization -- -- 18,000 --
 Foundation commitment -- -- 12,000 --
 Total costs and expenses 272,387 262,403 1,014,750 933,994
 Earnings before
 income taxes 85,897 71,342 313,458 242,918
 Provision for income
 taxes 27,917 23,899 101,874 81,377
 Net earnings before
 cumulative effect of
 accounting changes 57,980 47,443 211,584 161,541
 Cumulative effect of
 accounting changes:
 Postretirement benefits,
 net of deferred taxes of
 $5,674 -- -- (9,256) --
 Income taxes -- -- (5,100) --
 Net earnings $57,980 $47,443 $197,228 $161,541
 Weighted average shares
 outstanding 59,057 59,611 59,416 59,606
 Earnings per share:
 Earnings before cumulative
 effect of accounting
 changes $.98 $.80 $3.56 $2.71
 Cumulative effect of
 accounting changes -- -- $(.24) --
 Net earnings $.98 $.80 $3.32 $2.71
 -0- 5/27/93
 /CONTACT: Dale Beumer, Investor Relations, 612-574-3038, or Dick Reid, Public Relations, 612-574-3052, both of Medtronic/
 (MDT)


CO: Medtronic, Inc. ST: Minnesota IN: MTC SU: ERN

AL -- MN002 -- 2803 05/27/93 09:13 EDT
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Date:May 27, 1993
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