-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, St8KCNhnaNor99y+myEgLZjmk8/R9ZkoTQ2GgM6aRCz8nr8wBI2mdE7bZx3uVLcs I+qHI/lb0x+2Y9xs1ozNlw== 0000914190-96-000350.txt : 19961125 0000914190-96-000350.hdr.sgml : 19961125 ACCESSION NUMBER: 0000914190-96-000350 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961119 ITEM INFORMATION: Other events FILED AS OF DATE: 19961122 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDTRONIC INC CENTRAL INDEX KEY: 0000064670 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 410793183 STATE OF INCORPORATION: MN FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07707 FILM NUMBER: 96671201 BUSINESS ADDRESS: STREET 1: 7000 CENTRAL AVE NE STREET 2: MS 316 CITY: MINNEAPOLIS STATE: MN ZIP: 55432 BUSINESS PHONE: 6125744000 8-K 1 FORM 8-K FOR MEDTRONIC, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report - November 19, 1996 MEDTRONIC, INC. (Exact name of registrant as specified in its charter) Minnesota 1-7707 41-0793183 (State or other Jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 7000 Central Avenue N.E. Minneapolis, Minnesota 55432-3576 (Address of principal executive offices and zip code) (612) 574-4000 (Registrant's telephone number, including area code) ITEM 5. Other Events On November 19, 1996, the registrant issued a press release announcing financial results for its fiscal second quarter ended November 1, 1996. The full text of the press release is set forth in Exhibit 99 attached hereto and is incorporated in this report as if fully set forth herein. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MEDTRONIC, INC. (Registrant) Date: November 22, 1996 By: /s/ Robert L. Ryan Robert L. Ryan, Senior Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99 Press release dated November 19, 1996 EX-99 2 PRESS RELEASE DATED NOVEMBER 19, 1996 Exhibit 99 [Medtronic Logo] NEWS RELEASE Medtronic, Inc. Contact: 7000 Central Avenue N.E. Minneapolis, Minnesota 55432-3576 Telephone (612) 574-4000 Dale Beumer 612/574-3038 Christopher O'Connell 612/574-4971 Investor Relations Dick Reid 612/574-3052 Public Relations FOR IMMEDIATE RELEASE MEDTRONIC REPORTS QUARTERLY EARNING UP 24.8 PERCENT; PACING BUSINESSES AGAIN SCORE DOUBLE-DIGIT GAINS MINNEAPOLIS, MN, November 19, 1996 -- Medtronic, Inc. (MDT: NYSE) announced today that net earnings for the quarter ended November 1, 1996, increased 24.8 percent to $128.3 million as revenues totaled $598.2 million, a 15.0 percent increase over revenues in the period a year earlier. Excluding effects of foreign currency translation, revenues for the quarter grew 16.5 percent. Earnings per share of $0.54 were 25.6 percent above the $0.43 per share posted on earnings of $102.8 million in the quarter a year ago when revenues were $520.0 million. It was the tenth consecutive quarter during which Medtronic's net earnings rose more than 20 percent. Earnings for the first half of fiscal 1997 were $255.8 million ($1.07 a share), an increase of 27.8 percent over the $200.1 million ($0.85 a share) recorded in the comparable period of fiscal 1996. First-half revenues were $1.199 billion, an increase of 14.7 percent -- or 17.6 percent on a constant-currency basis -- over the $1.045 billion of the comparable prior period. Bradycardia pacemakers and leads scored their tenth consecutive quarter of double-digit percentage growth in revenue and unit sales. Revenues rose 16 percent in the United States as Medtronic Thera(R) and Thera "i-series" pacemakers, combined with Medtronic CapSure(R) pacing leads, continued to comprise the pacing systems of choice. Primarily on the strength of the Medtronic Micro Jewel(TM) implantable defibrillator, tachyarrhythmia revenues rose 17 percent on a constant-currency basis, led by a 20 percent increase in the highly competitive United States medical marketplace. On November 8, 1996, the U.S. Food and Drug Administration cleared the successor product, Medtronic Micro Jewel II, the world's smallest and lightest defibrillator, for commercial marketing. Worldwide shipments began in mid-November. Medtronic's Neurological Business again recorded the most rapid revenue growth, nearly 40 percent on a constant-currency basis. Sales were spurred by increasing worldwide acceptance of the company's Intrathecal Baclofen Therapy for the treatment of spasticity, by the broadening medical indications for use of the Medtronic Itrel(R) 3 neurostimulation device, and by the contributions of hydrocephalic shunts and other products from Medtronic PS Medical. Revenues of the Vascular Business rose nearly 20 percent on a constant-currency basis, driven by sales of the Medtronic Wiktor(R) and Wiktor-i coronary stents in international markets and sales of the Medtronic Millenia(TM) high-pressure balloon catheter in the last month of the quarter. On November 7, Medtronic announced the European launch of the Medtronic beStent(TM), a unique new coronary stent. Cardiac Surgery sales grew modestly, led by prosthetic heart valves and by cannulae from Medtronic DLP. Unit sales of heart valves increased 24 percent worldwide. Sales of cardiopulmonary and blood management products were nearly flat compared with last year's comparable quarter. Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company specializing in implantable and invasive therapies. Its Internet address is http://www.medtronic.com. (tabulation follows)
MEDTRONIC, INC. CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) Three months ended Six months ended Nov. 1, Oct 27, Nov. 1, Oct. 27, 1996 1995 1996 1995 ------------ ------------- --------------- ------------ (in thousands, except per share data) Net sales $ 598,152 $ 519,980 $ 1,199,022 $ 1,044,923 Costs and expenses: Cost of products sold 151,060 146,023 306,641 297,070 Research and development expense 68,257 55,946 133,928 109,720 Selling, general, and administrative expense 188,964 166,245 380,674 341,438 Interest expense 2,588 2,243 4,611 4,008 Interest income (8,663) (8,166) (17,321) (14,575) ---------- ---------- --------- --------- Total costs and expenses 402,206 362,291 808,533 737,661 ---------- --------- --------- -------- Earnings before income taxes 195,946 157,689 390,489 307,262 Provision for income taxes 67,602 54,881 134,719 107,133 --------- --------- --------- -------- Net earnings $ 128,344 $ 102,808 $ 255,770 $ 200,129 ========= ========= ========= ========= Weighted average shares outstanding 239,742 236,682 239,590 236,066 Earnings per share $ 0.54 $ 0.43 $ 1.07 $ 0.85 ========= ======== ======== ========
The FY96 amounts have been restated to reflect the May and June 1996 acquisitions of AneuRx, Inc. and InStent Inc. which were accounted for as poolings of interests. -----END PRIVACY-ENHANCED MESSAGE-----