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MEDTRONIC REPORTS THIRD-QUARTER EARNINGS INCREASE

 MINNEAPOLIS, Feb. 11 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT) today reported third-quarter net earnings of $47.8 million, or $0.80 a share, on revenues of $308.2 million.
 Net earnings represented a 21.3 percent increase over earnings of $39.4 million in the comparable quarter last year. Earnings per share increased 21.2 percent, and were enhanced by improved margins and a reduction in expenses for selling, general and administrative purposes.
 Revenues increased 2.9 percent over the same quarter last year; however, after taking into account the effects of foreign exchange, the previously announced divestiture of the Nortech neurological business, and reduced OEM sales, revenues on a comparable basis showed an 11.5 percent increase.
 For nine months of fiscal 1993, net earnings of $139.2 million represented a 22.0 percent gain over the $114.1 million of last year and earnings per share of $2.34 were 22.5 percent over $1.91. Revenues of $969.9 million were up 15.0 percent from $843.2 million.
 William W. George, president and chief executive officer, said results for the nine months show that "Medtronic is solidly on track. With today's announcement of commercial release of the PCD(R) device and the recent introduction of the Elite II(TM) pacemaker, the company is well positioned to attain its financial objectives for fiscal 1993 and future years."
 Bradycardia pacemaker revenues showed rapid improvement during the quarter following clearance of the Elite II pacemaker by the U.S. Food and Drug Administration in December. Tachyarrhythmia revenues continued strong in Eurosed with continued growth in its Interventional Vascular business, which experienced a very strong quarter. The 14K(R) balloon catheter continues to win the acceptance of the U.S. medical community while the new Gold Xchange(TM) rapid-exchange catheter is growing rapidly in Europe.
 Neurological continued its revenue progress, highlighted again by the SynchroMed(R) drug infusion system which is winning rapid medical acceptance for chemotherapy, pain control, and treatment of spasticity related to multiple sclerosis or spinal cord injury.
 Cardiopulmonary recorded strong sales growth in its Maxima(R) oxygenators and Bio-Pumps(R) while revenues in the Heart Valve business were up modestly.
 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)
 Three Months Ended Nine Months Ended
 1/29/93 1/31/92 1/29/93 1/31/92
 Net sales $308,206 $299,457 $969,924 $843,167
 Costs and expenses:
 Cost of products sold 97,485 101,628 307,287 277,285
 Research and development
 expense 32,976 27,787 96,493 78,324
 Selling, general and
 administrative expense 106,676 109,980 356,590 314,249
 Interest expense 2,531 3,323 8,323 9,168
 Interest income (2,335) (2,552) (6,330) (7,435)
 Litigation settlement 0 0 (50,000) 0
 Intangible asset amortization 0 0 18,000 0
 Foundation commitment 0 0 12,000 0
 Total costs and expenses 237,333 240,166 742,363 671,591
 Earnings before income
 taxes 70,873 59,291 227,561 171,576
 Provision for income taxes 23,033 19,863 73,957 57,478
 Net earnings before
 cumulative effect of
 accounting changes 47,840 39,428 153,604 114,098
 Cumulative effect of
 accounting changes:
 Postretirement benefits,
 net of deferred taxes
 of $5,674 0 0 (9,256) 0
 Income taxes 0 0 (5,100) 0
 Net earnings $47,840 $39,428 $139,248 $114,098
 Weighted average shares
 outstanding 59,715 59,726 59,597 59,621
 Earnings per share:
 Earnings before cumulative
 effect of accounting
 changes $.80 $.66 $2.58 $1.91
 Cumulative effect of
 accounting changes .00 .00 (.24) .00
 Net earnings $.80 $.66 $2.34 $1.91
 -0- 2/11/93
 /CONTACT: Dale Beumer, investor relations, 612-574-3038, or Dick Reid, public relations, 612-574-3052/
 (MDT)


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

KH -- MN035 -- 5935 02/11/93 17:55 EST
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Date:Feb 11, 1993
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