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U.S. PACING SALES HIGHLIGHT MEDTRONIC'S STRONG THIRD-QUARTER PERFORMANCE

U.S. PACING SALES HIGHLIGHT MEDTRONIC'S STRONG THIRD-QUARTER PERFORMANCE
 MINNEAPOLIS, Feb. 25 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT) today reported third-quarter net earnings of $39.4 million, or $0.66 a share. Revenues rose 18.7 percent to a third-quarter record of $299.5 million.
 Net earnings represented a 15.4 percent increase over earnings in the third quarter of fiscal 1991. Earnings per share were up 15.8 percent. For the nine months, revenues rose 13.9 percent to $843.2 million. Earnings per share were $1.91, up 21.7 percent or 15.8 percent adjusted for prior-year merger and acquisition costs.
 A 14 percent increase in Medtronic's U.S. pacemaker unit sales led the company's third-quarter results. Late in the quarter, shipments began on the company's new Legend II(TM) single chamber, rate responsive pacemaker, complementing growing sales of the Elite(TM) dual chamber rate responsive pacemaker and sales of steroid-eluting pacemaker leads. Third-quarter pacing revenues were further increased by initial shipments of products under the cross-licensing and supply agreement concluded last May with Cardiac Pacemakers, Inc.
 Sales of new tachyarrhythmia products strongly augmented pacing sales in Europe. On Feb. 3, an advisory panel to the U.S. Food and Drug Administration (FDA) unanimously recommended approval of the Medtronic PCD(tm) (pacer-cardioverter-defibrillator) in the United States.
 William W. George, president and chief executive officer, said, "These results demonstrate the strong acceptance of Medtronic's pacemakers in the marketplace, which stems directly from significant expenditures on research and development."
 Guiding catheters from Medtronic Interventional Vascular, disposable blood-handling equipment from Medtronic Cardiopulmonary and implantable stimulators from the Medtronic Neurological business showed substantial sales gains during the quarter.
 The company noted that the Medtronic 14K(TM) coronary catheter, already winning wide acceptance among interventional cardiologists outside the United States, had been approved on Feb. 14, 1992, by the FDA for commercial release. The new over-the-wire catheter tracks a .014 inch guidewire.
 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 Nine Months Ended
 1/31/92 1/31/91 1/31/92 1/31/91
 Net sales $299,457 $252,222 $843,167 $740,075
 Costs and expenses:
 Cost of products sold 101,628 81,008 277,285 244,862
 Research and development
 expense 27,787 22,402 78,324 65,012
 Selling, general and
 administrative expense 109,980 98,095 314,249 284,244
 Interest expense 3,323 3,175 9,168 9,896
 Interest income (2,552) (2,571) (7,435) (7,207)
 Merger and acquisition
 costs (a) 0 0 0 6,021
 Total costs and expenses 240,166 202,109 671,591 602,828
 Earnings before income
 taxes 59,291 50,113 171,576 137,247
 Provision for income
 taxes 19,863 15,936 57,478 44,107
 Net earnings $39,428 $34,177 $114,098 $93,140
 Weighted average shares
 outstanding 59,726 59,439 59,621 59,222
 Earnings per share (a) $0.66 $0.57 $1.91 $1.57
 (a) The results for the nine months ended Jan. 31, 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 the nine months ended Jan. 31, 1991, of $1.65.
 -0- 2/25/92
 /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


KH -- MN003 -- 2234 02/25/92 09:57 EST
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Date:Feb 25, 1992
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