Medtronic 2009 Annual Report Download - page 102

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98 Medtronic, Inc.
Selected Financial Data
Fiscal Year
(in millions, except per share data) 2009 2008 2007 2006 2005
Operating Results for the Fiscal Year:
Net sales $ 14,599 $ 13,515 $ 12,299 $ 11,292 $ 10,055
Cost of products sold 3,518 3,446 3,168 2,815 2,446
Gross margin percentage 75.9% 74.5% 74.2% 75.1% 75.7%
Research and development expense $ 1,355 $ 1,275 $ 1,239 $ 1,113 $ 951
Selling, general and administrative expense 5,152 4,707 4,153 3,659 3,214
Special charges 100 78 98 100 —
Restructuring charges 120 41 28 — —
Certain litigation charges 714 366 40 — 654
Purchased in-process research and development charges 621 390 — 364 —
Other expense, net 396 436 212 167 291
Interest expense/(income) 29 (109) (154) (87) (45)
Earnings before income taxes 2,594 2,885 3,515 3,161 2,544
Provision for income taxes 425 654 713 614 740
Net earnings $ 2,169 $ 2,231 $ 2,802 $ 2,547 $ 1,804
Per Share of Common Stock:
Basic earnings $ 1.94 $ 1.97 $ 2.44 $ 2.11 $ 1.49
Diluted earnings 1.93 1.95 2.41 2.09 1.48
Cash dividends declared 0.75 0.50 0.44 0.39 0.34
Financial Position at Fiscal Year-end:
Working capital $ 4,313 $ 3,787 $ 5,355 $ 5,971 $ 4,042
Current ratio 2.4:1.0 2.1:1.0 3.1:1.0 2.4:1.0 2.2:1.0
Total assets $ 23,661 $ 22,198 $ 19,512 $ 19,665 $ 16,617
Long-term debt 6,772 5,802 5,578 5,486 1,973
Shareholders’ equity 12,851 11,536 10,977 9,383 10,450
Additional Information:
Full-time employees at year-end 37,665 36,484 34,554 32,280 29,835
Full-time equivalent employees at year-end 41,158 40,351 37,800 35,733 33,067
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100
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April 2004 April 2005 April 2006 April 2007 April 2008 April 2009
Medtronic, Inc.
S&P 500 Index
S&P 500 Health Care Equipment Index
The graph to the right compares the cumulative
total shareholder return on Medtronic’s common
stock with the cumulative total shareholder
return on the Standard & Poor’s 500 Composite
Index and the Standard & Poor’s 500 Health Care
Equipment Index for the last five fiscal years.
The graph assumes that $100 was invested at
market close on April 30, 2004 in Medtronic’s
common stock, the S&P 500 Index and the S&P
500 Health Care Equipment Index and that all
dividends were reinvested.
Comparison of Five-Year Cumulative Total Return Among Medtronic, S&P 500 Index and S&P 500 Health Care Equipment Index