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MEMPHIS, TENN.– December 18, 2009 – Medtronic, Inc. (NYSE: MDT) today announced the U.S. launch of the SOVEREIGN™ Spinal System. (more…)

SAN FRANCISCO – Nov. 11, 2009 – Medtronic, Inc. (NYSE: MDT) today announced the full U.S. market release of MASTERGRAFT® Strip – a new, highly flexible ceramic scaffold intended for use in combination with a patient’s own bone for fusing multiple levels of the posterolateral spine.
The full market release was announced today at the 24th Annual meeting of the North American Spine Society (NASS) in San Francisco. MASTERGRAFT Strip was cleared by the U.S. Food and Drug Administration (FDA) earlier this year and has been clinically evaluated by surgeons for a variety of bone grafting procedures with outstanding intraoperative performance. (more…)

MINNEAPOLIS – Sept. 21, 2009 – Medtronic, Inc. (NYSE:MDT), today announced the full U.S. launch of the KYPHON Cement Delivery System (CDS), adding an innovative bone cement delivery option to its extensive KYPHON Balloon Kyphoplasty product portfolio for the treatment of vertebral compression fractures (VCFs). (more…)

MINNEAPOLIS – August 25, 2009 – Medtronic, Inc. (NYSE:MDT) today announced financial results for its first quarter of fiscal year 2010, which ended July 31, 2009.

The company reported first quarter revenue of $3.933 billion, a 6 percent increase compared to the $3.706 billion reported in the first quarter of fiscal year 2009. Revenue growth on a constant currency basis was 10 percent after adjusting for a $145 million negative foreign currency translation.  This quarter contained 14 weeks, one more week than the first quarter of fiscal year 2009.

As reported, first quarter net earnings were $445 million, or $0.40 per diluted share, both decreasing 38 percent over the same period in the prior year.  As detailed in the attached table, adjusting for restructuring and certain litigation charges, and the impact of adopting a new accounting standard for non-cash interest expense on convertible debt, first quarter net earnings and diluted earnings per share on a non-GAAP basis were $883 million and $0.79, an increase of 9 percent and 10 percent, respectively, over the same period in the prior year.

“I am pleased with our solid first quarter performance and the progress it represents toward fulfilling our full year commitments,” said Bill Hawkins, Medtronic chairman and chief executive officer. “I am confident that our efforts to fuel innovation and develop a strong product pipeline positions us well for sustained growth during the remainder of the fiscal year and beyond.”

Revenue outside the United States of $1.542 billion grew 6 percent compared to the same period last year, or 16 percent on a constant currency basis, accounting for 39 percent of Medtronic’s worldwide revenue.

Spinal
Spinal revenue of $915 million grew 7 percent, or 8 percent after adjusting for an unfavorable $17 million foreign exchange impact. Sales of Core Spinal products, which includes Kyphon, increased 11 percent and Spinal revenue outside of the United States increased 24 percent, both on a constant currency basis. Biologics revenue remained flat when compared to the same period last year on a constant currency basis.