Medtronic 2011 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 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

Financial Section Table of Contents
Management’s Discussion and Analysis of
Financial Condition and Results of Operations 18
Reports of Management 45
Report of Independent Registered Public
Accounting Firm 46
Consolidated Statements of Earnings 47
Consolidated Balance Sheets 48
Consolidated Statements of Shareholders’ Equity 49
Consolidated Statements of Cash Flows 50
Notes to Consolidated Financial Statements 51
Selected Financial Data 98
Investor Information 99
Price Range of Medtronic Common Stock 99
Corporate Leadership 100
Financial Highlights
Fiscal Year
(dollars in millions, except per share data) 2007 2008 2009 2010 2011
Net sales $ 12,299 $ 13,515 $ 14,599 $ 15,817 $ 15,933
Net earnings(2) 2,703 2,138 2,070 3,099
3,096
Special charges, restructuring charges, certain litigation charges, net,
acquisition-related items, non-cash charge to interest expense due
to the accounting rules governing convertible debt, and certain tax
adjustments(1) (net of income taxes) 94 835 1,213 478
538
Net earnings excluding special charges, restructuring charges, certain
litigation charges, net, acquisition-related items, non-cash charge to
interest expense due to the accounting rules governing convertible
debt, and certain tax adjustments(2) 2,797 2,973 3,283 3,577
3,634
Diluted earnings per share, as reported(2) 2.32 1.87 1.84 2.79
2.86
Special charges, restructuring charges, certain litigation charges, net,
acquisition-related items, non-cash charge to interest expense due
to the accounting rules governing convertible debt, and certain tax
adjustments per diluted share 0.09 0.73 1.08 0.43
0.50
Diluted earnings per share excluding special charges, restructuring charges,
certain litigation charges, net, acquisition-related items, non-cash charge
to interest expense due to the accounting rules governing convertible
debt, and certain tax adjustments(2) 2.41 2.60 2.92 3.22
3.36
Dividends per share 0.44 0.50 0.75 0.82 0.90
Return on equity 25.1% 18.2% 16.5% 22.3% 20.2%
Research and development expense $ 1,239 $ 1,275 $ 1,355 $ 1,460 $ 1,508
Closing stock price 53.60 49.42 29.58 43.69 41.75
(1) See Notes 2, 3, 4, and 16 to the consolidated nancial statements for further discussion.
(2) Net earnings were at over the same period in the prior scal year and diluted earnings per share increased by 3 percent, over the same period in the prior scal year.
After adjusting for the impact due to special charges, restructuring charges, certain litigation charges, net, acquisition-related items, non-cash interest expense due to
the accounting rules governing convertible debt, and certain tax adjustments, adjusted net earnings and adjusted net earnings per share increased 2 percent and
4 percent, respectively, over the same period in the prior scal year.