Medtronic 2007 Annual Report Download - page 37
Download and view the complete annual report
Please find page 37 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.'%%*! lZgZXdgYZYVegZ"iVmX]Vg\Zd[')b^aa^dc gZaViZYidi]Z
9ZEjn$6XgdBZYa^i^\Vi^dc# I]Z_jgn [djcY i]Vii]Zi]dgVXdajbWVg
bjai^Vm^VahXgZlYZh^\cd[BZYigdc^XHd[Vbdg9VcZ`!>cX#BH9!
l]^X]BH9cdadc\ZghZaah^ci]ZJ#H#!^c[g^c\ZYeViZcih]ZaYWn
9ZEjn$6XgdBZYjcYZgi]ZYdXig^cZd[Zfj^kVaZcih#>c;ZWgjVgn'%%*!
i]Z8djgiZciZgZY_jY\bZciV\V^chiBH9^ci]ZVbdjcid[')b^aa^dc!
l]^X]^cXajYZYegZ_jY\bZci^ciZgZhi#<^kZci]Z_jY\bZciZciZgZYWn
i]Z8djgiVcYdjgXdcXajh^dci]Vii]Z^cXjggZcXZd[hjX]VcZmeZchZ
lVh Wdi] egdWVWaZ VcY XdjaY WZ gZVhdcVWan Zhi^bViZY jcYZg
H;6HCd#*Vii]Vied^ciVcYi^bZ!lZgZXdgYZYV')b^aa^dcX]Vg\Z
gZaViZYidi]^h _jY\bZci#BH9]Vh VeeZVaZYi]Z_jgnÉhkZgY^Xi VcY
^ciZcYhidXdci^cjZidXdciZhii]ZX]Vg\Zhk^\dgdjhan#>c[^hXVanZVg
'%%,! lZ eV^Y i]Z djihiVcY^c\ 9ZEjn$6XgdBZY _jY\bZci VcY
^ciZgZhijcYZgegdiZhi#
?FH:9^Wh][iI]ZgZlZgZcd>EG9X]Vg\Zh[dg[^hXVanZVg'%%,#
9jg^c\i]Z[^ghifjVgiZgd[[^hXVanZVg'%%+!lZVXfj^gZYIC>#6i
i]ZYViZd[i]ZVXfj^h^i^dc!&+.b^aa^dcd[i]Z ejgX]VhZeg^XZlVh
ZmeZchZYVh>EG9gZaViZYidVegdYjXiWZ^c\YZkZadeZY[dgi]Z
igZVibZcid[dWZh^inWnhi^bjaVi^dcd[i]ZhidbVX]i]Vi]VYcdinZi
gZVX]ZYiZX]cdad\^XVa[ZVh^W^a^inVcY]VYcd[jijgZVaiZgcVi^kZjhZ#
9jg^c\i]Z[^ghifjVgiZgd[[^hXVanZVg'%%+!lZVXfj^gZY
hjWhiVci^VaanVaad[i]Zhe^cZ"gZaViZY^ciZaaZXijVaegdeZginVcYgZaViZY
XdcigVXih!g^\]ih!VcYiVc\^WaZbViZg^VahdlcZYWnB^X]Zahdc#6ii]Z
YViZd[VXfj^h^i^dc!&,*b^aa^dcd[i]ZejgX]VhZeg^XZlVhZmeZchZY
Vh>EG9gZaViZYidhe^cVaiZX]cdad\nWVhZYYZk^XZhi]Vi]VYcdinZi
gZVX]ZYiZX]cdad\^XVa[ZVh^W^a^inVcYl]^X]]VYcd[jijgZVaiZgcVi^kZ
jhZ#I]ZeViZciheZgiV^cidcdkZahe^cVaiZX]cdad\nVcYiZX]c^fjZh
i]Vi]VkZi]ZediZci^Va[dg[jijgZeViZciVWaZXdbbZgX^VaegdYjXih^c
i]ZVgZVd[he^cVahjg\Zgn#
Dc ?jan ',! '%%*! lZ Vahd ZciZgZY ^cid V gdnVain WZVg^c\!
cdc"ZmXajh^kZeViZciXgdhh"a^XZch^c\V\gZZbZcil^i]CZjgdEVXZ!>cX#
Dci]ZYViZd[i]ZV\gZZbZci!'%b^aa^dclVhZmeZchZYVh>EG9
gZaViZYidi]Za^XZchZYiZX]cdad\nh^cXZiZX]cdad\^XVa[ZVh^W^a^ind[i]Z
egd_ZXi]VYcdinZiWZZcgZVX]ZYVcY^i]VYcd[jijgZVaiZgcVi^kZjhZ#
I]^ha^XZchZYiZX]cdad\n^hZmeZXiZYidZc]VcXZdjgVW^a^inid[jgi]Zg
YZkZadeVcYZmeVcYdjgi]ZgVe^Zh[dgcZjgdad\^XVaY^hdgYZgh#
I]ZgZlZgZcd>EG9X]Vg\ZhgZXdgYZY^c[^hXVanZVg'%%*#
LZVgZgZhedch^WaZ[dgi]ZkVajVi^dcd[>EG9X]Vg\Zh#I]Z
kVajZh Vhh^\cZYid>EG9 VgZWVhZY dc kVajVi^dchi]Vi]VkZ WZZc
egZeVgZYjh^c\bZi]dYdad\^ZhVcYkVajVi^dciZX]c^fjZhXdch^hiZci
l^i] i]dhZ jhZY Wn ^cYZeZcYZci VeegV^hZgh# 6aa kVajZh lZgZ
YZiZgb^cZY Wn ^YZci^[n^c\ gZhZVgX] egd_ZXih ^c VgZVh [dg l]^X]
iZX]cdad\^XVa [ZVh^W^a^in ]VYcdi WZZcZhiVWa^h]ZY# 6YY^i^dcVaan! i]Z
kVajZh lZgZYZiZgb^cZY WnZhi^bVi^c\ i]ZgZkZcjZ VcYZmeZchZh
VhhdX^ViZYl^i]Vegd_ZXiÉhhVaZhXnXaZVcYi]ZVbdjcid[V[iZg"iVm
XVh][adlhViig^WjiVWaZidi]ZhZegd_ZXih#I]Z[jijgZXVh][adlhlZgZ
Y^hXdjciZYidegZhZcikVajZji^a^o^c\VcVeegdeg^ViZg^h`"VY_jhiZYgViZ
d[gZijgc#I]ZgViZd[gZijgc^cXajYZYV[VXidgi]ViiV`Zh^cid
VXXdjcii]ZjcXZgiV^cinhjggdjcY^c\i]ZhjXXZhh[jaYZkZadebZcid[
i]Z>EG9#
6ii]Zi^bZd[VXfj^h^i^dc!lZZmeZXi Vaa VXfj^gZY>EG9l^aa
gZVX]iZX]cdad\^XVa[ZVh^W^a^in!Wjii]ZgZXVcWZcdVhhjgVcXZi]Vii]Z
XdbbZgX^Vak^VW^a^ind[i]ZhZegdYjXihl^aaVXijVaanWZVX]^ZkZY#I]Z
cVijgZd[i]ZZ[[dgihidYZkZadei]ZVXfj^gZYiZX]cdad\^Zh^cid
XdbbZgX^Vaan k^VWaZ egdYjXih Xdch^hih eg^cX^eVaan d[ eaVcc^c\!
YZh^\c^c\VcYXdcYjXi^c\Xa^c^XVaig^VahcZXZhhVgniddWiV^cgZ\jaVidgn
VeegdkVah# I]Z g^h`h VhhdX^ViZYl^i]VX]^Zk^c\ XdbbZgX^Va^oVi^dc
^cXajYZ!WjiVgZcdia^b^iZYid!YZaVndg[V^ajgZiddWiV^cgZ\jaVidgn
VeegdkVahidXdcYjXiXa^c^XVaig^Vah!YZaVndg[V^ajgZiddWiV^cgZfj^gZY
bVg`ZiXaZVgVcXZh!VcYeViZcia^i^\Vi^dc#>[XdbbZgX^Vak^VW^a^inlZgZ
cdiVX]^ZkZY! lZldjaYa^`Zanadd`id di]Zg VaiZgcVi^kZhidegdk^YZ
i]ZhZi]ZgVe^Zh#
HZZi]ZÆ6Xfj^h^i^dchÇhZXi^dcd[i]^hbVcV\ZbZciÉhY^hXjhh^dc
VcYVcVanh^h [dgYZiV^aZYY^hXjhh^dc d[ZVX] bViZg^VaVXfj^h^i^dc^c
[^hXVanZVgh'%%,VcY'%%+#
9[hjW_dJWn7Z`kijc[dji>c[^hXVanZVg'%%,!lZgZXdgYZYV&'.b^aa^dc
iVmWZcZ[^i VhhdX^ViZYl^i]i]ZgZkZghVad[ ZmXZhh iVmVXXgjVah^c
XdccZXi^dc l^i] i]Z hZiiaZbZci gZVX]ZY l^i] i]Z J#H# >ciZgcVa
GZkZcjZHZgk^XZ>GHl^i]gZheZXiidi]Z^ggZk^Zld[djg[^hXVanZVgh
'%%(VcY'%%)YdbZhi^X^cXdbZiVmgZijgch!i]ZgZhdaji^dcd[
XdbeZiZciVji]dg^in^hhjZh[dg[^hXVanZVgh&..'i]gdj\]'%%%!VcY
VY_jhibZcihidi]Z[^cVa^oVi^dcd[i]Z[^hXVanZVg'%%+J#H#[ZYZgVa
VcYhiViZ^cXdbZiVmgZijgch#I]Z&'.b^aa^dciVmWZcZ[^i]VhWZZc
gZXdgYZY ^c i]Z fhel_i_ed \eh _dYec[ jWn[i ^c i]Z Xdchda^YViZY
hiViZbZcid[ZVgc^c\h[dg[^hXVanZVg'%%,#
>c[^hXVanZVg'%%+!lZgZkZghZYZmXZhhiVmVXXgjVahd[
''*b^aa^dcVhhdX^ViZYl^i][VkdgVWaZV\gZZbZcihgZVX]ZYl^i]i]Z
>GH ^ckdak^c\ i]Z gZk^Zl d[ djg [^hXVa nZVgh &.., i]gdj\] '%%'
YdbZhi^X^cXdbZiVmgZijgch#I]Z''*b^aa^dciVmWZcZ[^i]VhWZZc
gZXdgYZY ^c i]Z fhel_i_ed \eh _dYec[ jWn[i ^c i]Z Xdchda^YViZY
hiViZbZcid[ZVgc^c\h[dg[^hXVanZVg'%%+#
9jg^c\i]Z[djgi]fjVgiZgd[[^hXVanZVg'%%+!lZgZeVig^ViZYi]Z
Zci^gZVbdjciZa^\^WaZjcYZgi]Z7c[h_YWd@eXi9h[Wj_ed7Yje\(&&*
?dWh8gZVi^dc6Xi!dg.()b^aa^dc#I]ZVbdjcihgZeVig^ViZYlZgZ
BZYigdc^X!>cX#((