Medtronic 2009 Annual Report Download - page 6

Better healthcare. That’s the essence of what Medtronic provides. For some people, better merely connotes the aim of
modest or incremental improvement. But for us, this statement is an everyday reminder that our Mission challenges us
to “strive without reserve” to do better. Hence, by our definition, to do better is nothing less than a daily clarion call to
action—fundamentally dynamic, innovative, aspirational and never fully achievable.
It is in this spirit that I am proud of the strong progress we made during this past fiscal year—our 60th anniversary
—towards enabling both better health for the more than 7 million patients who benefit from our therapies every year
and better healthcare by innovating technologies that enable earlier and better diagnosis, reduce procedure and
recovery times, and, ultimately, remove costs from healthcare systems. In short, our Mission has taken on new meaning
as we expand its focus to include both restoring the health of patients and the health of the system that serves them.
Strong Leadership for Turbulent Times
This fiscal year saw an unprecedented convergence of challenges in the economy and our industry. The global
economic crisis, public and government demands for greater financial transparency, challenges to the existing federal
regulatory regime, a new administration, and looming healthcare reform have all contributed to an uncertainty that is
expected to prevail into 2010.
While the markets continue to reflect these uncertainties, we look forward confidently, knowing that our company
and our industry have faced many other seemingly insurmountable challenges. We navigated the new U.S. healthcare
landscape created by Medicare in the 1960s; in the 1970s, it was the establishment of institutionalized regulatory
oversight through the FDA’s Medical Device Act; in the 1980s, the introduction of HMOs; in the 1990s, the Clinton
healthcare reform debate. Today, we face the uncertainty of the current administration’s healthcare reform proposals.
As we’ve expanded internationally, we’ve learned successfully to navigate a myriad of local and country-level
regulatory and government regimes, each of which has posed its own unique challenges that require adaptation.
And, as we have in the past, we’ll navigate today’s complex and demanding challenges with equal determination
and success.
Despite these challenges—perhaps because of these challenges—we ended this past fiscal year stronger, more
nimble and more resilient than ever before. We led the dialogue on healthcare reform and took early stands on tough
issues, while continuing to accelerate our investment in innovation, driving sustainable growth and delivering market-
leading performance.
Guided by Our Mission
The uniqueness of our success is owed to our Mission. For the past 50 years, the Medtronic Mission has served as an
unfailing compass, guiding our ability to continuously adapt to the changing economic and regulatory landscape, by
grounding us in our purpose and our passion: alleviating pain, restoring health and extending life for the millions of
patients that depend on us.
The Foundation of Our Success
Our Mission also specifically calls for us to practice “good citizenship as a company.” This is in recognition that we must
share our prosperity with the global communities that contribute to our success. Of course, our products and therapies
carry an inherent social benefit, but we are committed to do more, and to focus our reach and resources where we can
make unique contributions by tapping into the expertise and passions of our employees.
Dear Shareholders
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