Medtronic 2007 Annual Report Download - page 48
Download and view the complete annual report
Please find page 48 of the 2007 Medtronic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.a^VW^a^i^Zh!cZi^ckZhibZcih!VcYegdWVWaZXdbb^ibZcih#I]Z\V^chVcY
adhhZhdci]ZhZXdcigVXihd[[hZiX]Vc\Zh^ci]ZkVajZd[i]ZgZaViZY
ZmedhjgZh#>i^hdjgeda^XnidZciZg^cid[dgZ^\cXjggZcXn]ZY\^c\
igVchVXi^dchdcanidi]ZZmiZciigjZZmedhjgZhZm^hi0lZYdcdiZciZg
^cid[dgZ^\cXjggZcXnigVchVXi^dch[dgheZXjaVi^kZejgedhZh#
LZ]VY[dgZ^\cZmX]Vc\ZYZg^kVi^kZXdcigVXihdjihiVcY^c\^c
cdi^dcVaVbdjcihd[*#(,'W^aa^dcVcY&#*+&W^aa^dcVi6eg^a',!'%%,
VcY6eg^a'-!'%%+!gZheZXi^kZan#I]Z[V^gkVajZd[i]ZhZXdcigVXihVi
6eg^a',!'%%,lVh&'*b^aa^dcaZhhi]Vci]Zdg^\^cVaXdcigVXikVajZ#
6 hZch^i^k^in VcVanh^h d[ X]Vc\Zh ^c i]Z [V^g kVajZ d[ Vaa [dgZ^\c
ZmX]Vc\ZYZg^kVi^kZXdcigVXihVi6eg^a',!'%%,^cY^XViZhi]Vi!^[i]Z
J#H#YdaaVgjc^[dgbanhigZc\i]ZcZY$lZV`ZcZYWn&%eZgXZciV\V^chiVaa
XjggZcX^Zh!i]Z[V^gkVajZd[i]ZhZXdcigVXihldjaY^cXgZVhZ$YZXgZVhZ
Wn*%-b^aa^dc!gZheZXi^kZan#6cn\V^chVcYadhhZhdci]Z[V^gkVajZ
d[YZg^kVi^kZXdcigVXihldjaYWZaVg\Zand[[hZiWn\V^chVcYadhhZhdc
i]ZjcYZgan^c\igVchVXi^dch#I]ZhZd[[hZii^c\\V^chVcYadhhZhVgZcdi
gZ[aZXiZY^ci]ZVWdkZVcVanh^h#
LZVgZVahdZmedhZYid^ciZgZhigViZX]Vc\ZhV[[ZXi^c\eg^cX^eVaan
djg^ckZhibZcih^c^ciZgZhigViZhZch^i^kZ^chigjbZcih#6hZch^i^k^in
VcVanh^h d[ i]Z ^beVXi dc djg ^ciZgZhi gViZ hZch^i^kZ [^cVcX^Va
^chigjbZcih d[ V ]nedi]Zi^XVa &% eZgXZci X]Vc\Z ^c h]dgi"iZgb
^ciZgZhigViZhXdbeVgZYid^ciZgZhigViZhVi6eg^a',!'%%,^cY^XViZh
i]Vii]Z[V^gkVajZd[i]ZhZ^chigjbZcihldjaYXdggZhedcY^c\an
X]Vc\ZWn(%b^aa^dc#
LZ]VkZhdaYheZX^[^Xeddahd[igVYZgZXZ^kVWaZh^c?VeVc#9jg^c\
[^hXVa nZVgh'%%,VcY'%%+cdigVYZ gZXZ^kVWaZh lZgZhdaY! VcY^c
[^hXVanZVg'%%*!lZhdaY&)+b^aa^dcd[djgigVYZgZXZ^kVWaZhid
[^cVcX^Va^chi^iji^dch^c?VeVc#6YY^i^dcVaan!lZZciZgZY^cidV\gZZbZcih
idhZaaheZX^[^Xeddahd[gZXZ^kVWaZh^c>iVan^ci]ZVbdjcid[(,b^aa^dc!
*( b^aa^dc! VcY)b^aa^dc^c [^hXVa nZVgh'%%,!'%%+! VcY '%%*!
gZheZXi^kZan#I]ZY^hXdjciXdhigZaViZYidi]Z?VeVcVcY>iVanhVaZh
lVh ^ch^\c^[^XVci VcY gZXdgYZY ^c _dj[h[ij_dYec["d[j^ci]Z
Xdchda^YViZYhiViZbZcihd[ZVgc^c\h#
LZ aZcY XZgiV^c [^mZY ^cXdbZ hZXjg^i^Zh id Zc]VcXZ djg
^ckZhibZci^cXdbZ#I]ZhZaZcY^c\VXi^k^i^ZhVgZXdaaViZgVa^oZYViVc
VkZgV\ZgViZd[&%'eZgXZci!l^i]i]ZXdaaViZgVaYZiZgb^cZYWVhZYdc
i]ZjcYZgan^c\hZXjg^i^ZhVcYXgZY^ildgi]^cZhhd[i]ZWdggdlZgh#I]Z
kVajZd[i]ZhZXjg^i^ZhdcadVcVi6eg^a',!'%%,VcY6eg^a'-!'%%+
lVh&#(&-W^aa^dcVcY(+'b^aa^dc!gZheZXi^kZan#
<dkZgcbZciGZ\jaVi^dcVcYDi]Zg8dch^YZgVi^dch
Djg bZY^XVa YZk^XZh VgZ hjW_ZXi id gZ\jaVi^dc Wn cjbZgdjh
\dkZgcbZciV\ZcX^Zh!^cXajY^c\i]Z;96VcYXdbeVgVWaZ[dgZ^\c
V\ZcX^Zh#IdkVgn^c\YZ\gZZh!ZVX]d[i]ZhZV\ZcX^ZhgZfj^gZhjh
idXdbean l^i]aVlhVcY gZ\jaVi^dch \dkZgc^c\i]ZYZkZadebZci!
iZhi^c\!bVcj[VXijg^c\!aVWZa^c\!bVg`Zi^c\!VcYY^hig^Wji^dcd[djg
bZY^XVaYZk^XZh#
6ji]dg^oVi^dcidXdbbZgX^VaanY^hig^WjiZVcZlbZY^XVaYZk^XZ
^ci]ZJ#H#^h\ZcZgVaangZXZ^kZY^cdcZd[ildlVnh#I]Z[^ghi!`cdlc
Vhi]Z*&%`egdXZhh!gZfj^gZhjhidYZbdchigViZi]VidjgcZl
bZY^XVa YZk^XZ ^h hjWhiVci^Vaan Zfj^kVaZci id V aZ\Vaan bVg`ZiZY
bZY^XVaYZk^XZ#>ci]^hegdXZhh!lZbjhihjWb^iYViVi]Vihjeedgih
djgZfj^kVaZcXZXaV^b#>[]jbVcXa^c^XVaYViV^hgZfj^gZY!^ibjhiWZ
\Vi]ZgZY^cXdbea^VcXZl^i];96 ^ckZhi^\Vi^dcVa YZk^XZZmZbei^dc
gZ\jaVi^dch#LZbjhigZXZ^kZVcdgYZg[gdbi]Z;96[^cY^c\
hjWhiVci^VaZfj^kVaZcXZidVcdi]ZgaZ\VaanbVg`ZiZYbZY^XVaYZk^XZ
WZ[dgZ lZ XVc XdbbZgX^Vaan Y^hig^WjiZ i]Z cZl bZY^XVa YZk^XZ#
BdY^[^XVi^dchidXaZVgZYbZY^XVaYZk^XZhXVcWZbVYZl^i]djijh^c\
i]Z*&%`egdXZhh^[i]ZX]Vc\ZhYdcdih^\c^[^XVcianV[[ZXihV[Zindg
Z[[ZXi^kZcZhh#6kZgnhbVaacjbWZgd[djgYZk^XZhVgZZmZbei[gdb
*&%`XaZVgVcXZgZfj^gZbZcih#
I]Z hZXdcY! bdgZ g^\dgdjh egdXZhh! `cdlc Vh egZ"bVg`Zi
VeegdkVaEB6!gZfj^gZhjhid^cYZeZcYZcianYZbdchigViZi]Vii]Z
cZlbZY^XVaYZk^XZ^hhV[ZVcYZ[[ZXi^kZ#LZYdi]^hWnXdaaZXi^c\
YViV!^cXajY^c\]jbVcXa^c^XVaYViV[dgi]ZbZY^XVaYZk^XZ#I]Z;96
l^aaVji]dg^oZXdbbZgX^VagZaZVhZ^[^iYZiZgb^cZhi]ZgZ^hgZVhdcVWaZ
VhhjgVcXZi]Vii]ZbZY^XVaYZk^XZ^hhV[ZVcYZ[[ZXi^kZ#I]^hegdXZhh
^h \ZcZgVaan bjX]bdgZi^bZ"Xdchjb^c\ VcY ZmeZch^kZi]Vci]Z
*&%`egdXZhh#
7di]WZ[dgZVcYV[iZgV egdYjXi^hXdbbZgX^Vaan gZaZVhZY! lZ
]VkZdc\d^c\gZhedch^W^a^i^ZhjcYZg;96gZ\jaVi^dch#I]Z;96gZk^Zlh
YZh^\cVcYbVcj[VXijg^c\egVXi^XZh!aVWZa^c\VcYgZXdgY`ZZe^c\!VcY
bVcj[VXijgZghÉgZfj^gZYgZedgih d[VYkZghZZmeZg^ZcXZVcYdi]Zg
^c[dgbVi^dc id^YZci^[nediZci^VaegdWaZbhl^i]bVg`ZiZYbZY^XVa
YZk^XZh#LZbVnWZhjW_ZXiideZg^dY^X^cheZXi^dcWni]Z;96[dg
Xdbea^VcXZl^i]i]Z;96Éh\ddYbVcj[VXijg^c\egVXi^XZgZ\jaVi^dch
Vbdc\di]Zg;96gZfj^gZbZcih!hjX]VhgZhig^Xi^dchdcVYkZgi^h^c\
VcYegdbdi^dc#I]ZhZgZ\jaVi^dch!Vahd`cdlcVhi]ZFjVa^inHnhiZb
GZ\jaVi^dch! \dkZgc i]Z bZi]dYh jhZY ^c! VcY i]Z [VX^a^i^Zh VcY
XdcigdahjhZY[dg!i]ZYZh^\c!bVcj[VXijgZ!eVX`V\^c\!VcYhZgk^X^c\
d[Vaa [^c^h]ZYbZY^XVa YZk^XZh^ciZcYZY [dg]jbVcjhZ#>[i]Z ;96
lZgZidXdcXajYZi]VilZVgZcdi^cXdbea^VcXZl^i]Veea^XVWaZ
BVcV\ZbZciÉh9^hXjhh^dcVcY6cVanh^hd[;^cVcX^Va8dcY^i^dcVcYGZhjaihd[DeZgVi^dch
Yedj_dk[Z
))BZYigdc^X!>cX#