Medtronic 2011 Annual Report Download - page 102

Download and view the complete annual report

Please find page 102 of the 2011 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.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

98 Medtronic, Inc.
Selected Financial Data
Fiscal Year
(in millions, except per share data) 2011 2010 2009 2008 2007
Operating Results for the Fiscal Year:
Net sales $ 15,933 $ 15,817 $ 14,599 $ 13,515 $ 12,299
Cost of products sold 3,912 3,812 3,518 3,446 3,168
Gross margin percentage 75.4% 75.9% 75.9% 74.5% 74.2%
Research and development expense $ 1,508 $ 1,460 $ 1,355 $ 1,275 $ 1,239
Selling, general, and administrative expense 5,533 5,415 5,152 4,707 4,153
Special charges — — 100 78 98
Restructuring charges 261 50 120 41 28
Certain litigation charges, net 245 374 714 366 40
Acquisition-related items 14 23 621 390 —
Other expense, net 459 468 396 436 212
Interest expense, net 278 246 183 36 —
Earnings before income taxes 3,723 3,969 2,440 2,740 3,361
Provision for income taxes 627 870 370 602 658
Net earnings $ 3,096 $ 3,099 $ 2,070 $ 2,138 $ 2,703
Per Share of Common Stock:
Basic earnings $ 2.87 $ 2.80 $ 1.85 $ 1.89 $ 2.35
Diluted earnings 2.86 2.79 1.84 1.87 2.32
Cash dividends declared 0.90 0.82 0.75 0.50 0.44
Financial Position at Fiscal Year-end:
Working capital $ 4,403 $ 4,718 $ 4,305 $ 3,777 $ 5,342
Current ratio 1.9:1.0 1.9:1.0 2.4:1.0 2.1:1.0 3.1:1.0
Total assets $ 30,424 $ 28,090 $ 23,588 $ 22,085 $ 19,295
Long-term debt 8,112 6,944 6,253 5,127 4,755
Shareholders’ equity 15,968 14,629 13,182 11,966 11,500
Addit ional Informat ion:
Full-time employees at year-end 41,427 39,273 37,665 36,484 34,554
Full-time equivalent employees at year-end 45,499 43,321 41,158 40,351 37,800
0
50
100
$150
April 2006 April 2007 April 2008 April 2009 April 2010 April 2011
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
ve scal years. The graph assumes that $100
was invested at market close on April 28, 2006
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