May 23, 2007 -- Medtronic, Inc. announced financial results for its fiscal year and fourth quarter ended April 27, 2007.

Medtronic recorded fiscal year 2007 revenue of $12.299 billion, a 9 percent increase over the $11.292 billion in fiscal year 2006. Currency translation had a positive impact of $166 million for fiscal year 2007. As reported, fiscal year 2007 net earnings were $2.802 billion, or $2.41 per diluted share, an increase of 10 and 15 percent, respectively, over the prior year. Adjusting for special, certain litigation and restructuring charges and certain income tax benefits detailed in the attached table, adjusted net earnings and diluted earnings per share were $2.797 billion and $2.41, respectively, an increase of 9 percent and 15 percent, respectively.

Fiscal fourth quarter revenue increased 7 percent to $3.280 billion from the $3.067 billion reported a year ago. Currency translation had a positive impact of $71 million in the fourth quarter. As reported, fourth quarter net earnings were $812 million, or $0.70 per diluted share, an increase of 10 percent and 15 percent, respectively, over the prior year. Adjusting for special and restructuring charges and certain income tax benefits detailed in the attached table, adjusted net earnings and diluted earnings per share were $767 million and $0.66 respectively, an increase of 9 percent and 12 percent, respectively.

Non-U.S. revenue of $4.399 billion for the fiscal year grew 20 percent driven by strong revenue growth in all major geographic areas. In addition, revenues for Spinal, Vascular, Diabetes and Neurological each had double digit growth.

Source: Medtronic