-----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, FkAAGRHgnoT1TStFSkpuCf0+iyCYAJXadq7phh6deOxFIRI5ewYk/u8ekzklzXwu 2x7P7D4P6HQMRv846Fn1Rg== 0000914190-97-000089.txt : 19970222 0000914190-97-000089.hdr.sgml : 19970222 ACCESSION NUMBER: 0000914190-97-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970218 ITEM INFORMATION: Other events FILED AS OF DATE: 19970219 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: 97538438 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 - February 18, 1997 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 February 18, 1997, the registrant issued a press release announcing financial results for its fiscal third quarter ended January 31, 1997. 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: February 19, 1997 By: /s/ Robert L. Ryan Robert L. Ryan, Senior Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99 Press release dated February 18, 1997 EX-99 2 PRESS RELEASE DATED FEBRUARY 18, 1997 [Medtronic Logo] Christopher O'Connell 612/514-4917 Medtronic, Inc. Dale Beumer 7000 Central Avenue, N.E. 612/514-3038 Minneapolis, Minnesota 55432-3576 Investor Relations Telephone (612) 574-4000 Dick Reid Public Relations 612/514-3052 F O R I M M E D I A T E R E L E A S E MEDTRONIC REPORTS QUARTERLY EARNINGS UP 20.8 PCT. AS DEFIBRILLATORS LEAD SALES GAINS MINNEAPOLIS, MN, February 18, 1997 -- Medtronic, Inc. (NYSE: MDT), today reported third-quarter net earnings of $128.7 million, or $0.54 a share, an increase of 20.8 percent over earnings in the comparable period a year ago. Revenues were $598.7 million, compared with $530.1 million, up 15.0 percent on a constant-currency basis or 13.0 percent after recognizing negative effects of the strengthening dollar in translation of foreign currency-based revenues. For nine months of fiscal 1997, net earnings increased 25.4 percent as revenues rose 16.7 percent excluding the negative effects of foreign exchange translation. Earnings were $384.5 million, or $1.60 a share, on revenues of $1.8 billion compared with $306.7 million and $1.29 a share on revenues of $1.6 billion for nine months of fiscal 1996. Chairman and Chief Executive Officer William W. George said, "Medtronic recorded its 11th consecutive quarter of earnings growth of more than 20 percent year over year. This growth comes on top of the 49 percent increase in net earnings recorded in the third quarter last year, thanks to strong contributions from the Tachyarrhythmia and Neurological businesses this year." Medtronic's Pacing businesses reported double-digit quarterly sales increases as revenue from the Tachyarrhythmia Management Business increased to more than $100 million. Medtronic's Micro Jewel(TM) II implantable defibrillator, introduced worldwide in late November, drove unit sales to a 26 percent increase as it became the world's most frequently implanted defibrillator. Thera(R) i-Series(TM) pacemakers highlighted unit sales increases of more than 8 percent in the Bradycardia Pacing Business while the newer Medtronic.Kappa(TM) 400 pacemaker systems were introduced in Europe at the end of the quarter. Sales of Neurological and diversified businesses increased by 58 percent. Especially strong contributions came from the Medtronic SynchroMed(R) Drug Infusion System used for intrathecal baclofen therapy in treatment of spasticity related to both spinal and cerebral conditions. Medtronic PS Medical and Medtronic Synectics also scored excellent sales increases. A new, cost-effective therapy for cancer pain, the Medtronic AlgoMed(TM) implantable drug infusion system, was launched in European markets during the quarter. Coronary stents led sales increases for Medtronic Vascular businesses with the Medtronic Wiktor(R) product performing well in Japanese markets and both the Wiktor(R)-i and Medtronic beStent(TM) devices gaining sales momentum in Europe. Cardiac Surgery businesses were highlighted by double-digit sales growth in heart valves and surgical cannulae. A new Medtronic blood oxygenator, the Maxima Forte(TM), joined the cardiopulmonary product line and began moving into the world's surgical suites in January. 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 Nine months ended --------------------------------- ---------------------------- Jan. 31 Jan. 26 Jan. 31 Jan. 26 1997 1996 1997 1996 ------------ ------------- ------------- ------------- (in thousands, except per share data) Net sales $ 598,749 $ 530,070 $ 1,797,771 $ 1,574,993 Costs and expenses: Cost of products sold 152,314 143,640 458,955 440,710 Research and development expense 69,531 63,318 203,459 173,038 Selling, general, and administrative expense 188,517 164,248 569,191 505,686 Interest expense 1,536 1,842 6,148 5,850 Interest income (9,650) (7,031) (26,971) (21,606) ------------ ------------- ------------- ------------- Total costs and expenses 402,248 366,017 1,210,782 1,103,678 ------------ ------------- ------------- ------------- Earnings before income taxes 196,501 164,053 586,989 471,315 Provision for income taxes 67,793 57,491 202,511 164,624 ------------ ------------- ------------- ------------- Net earnings $ 128,708 $ 106,562 $ 384,478 $ 306,691 ============ ============= ============= ============= Weighted average shares outstanding 239,957 238,469 239,703 236,903 Earnings per share $ 0.54 $ 0.45 $ 1.60 $ 1.29 ============ ============= ============= =============
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-----