Medtronic 2009 Annual Report Download - page 7

“This is truly our passion: restoring people like
Gunther to better health so they can continue to
pursue their own passions, more quickly and
with better results.”
Medtronic CEO Bill Hawkins (right)
with Dr. Gunther Faber, who received our Arctic Front procedure to treat
atrial fibrillation*
“I am proud of the strong progress we made during this past fiscal year 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.”
This past fiscal year, we’ve done more to further this
commitment, in more parts of the world, than ever before. The
Medtronic Foundation gave nearly $30 million to organizations
in more than 30 countries. Our contributions funded many
worthwhile endeavors, from building healthcare infrastructure in
India for better treating diabetes and heart disease to supporting
a network of patient-focused organizations in Western Europe,
Japan and North America.
Our long-standing commitment to exceptional global
corporate citizenry is increasingly relevant in a world where the
growing epidemic of chronic disease elevates both our
responsibility and our impact.
Market-Leading Performance
In fiscal year 2009, we continued to deliver sustainable growth
and market- leading performance. Our revenue grew by 8 percent
to $14.599 billion. Net earnings and diluted earnings per share
were $2.169 billion and $1.93, respectively. After adjusting for
special, restructuring, certain litigation and IPR&D charges and
certain tax adjustments, adjusted fiscal year 2009 net earnings of
$3.283(3) billion and diluted earnings per share of $2.92(3) increased
over the prior year by 10(3) percent and 12(3) percent, respectively.
Strong double-digit constant currency growth in five of our seven
businesses reflected both the strength and diversity of our
portfolio. In fact, during fiscal year 2009, we held the number one
market position in five of our businesses—CRDM, Diabetes,
Neuromodulation, Spinal and Surgical Technologies.
One Medtronic
Innovation is central to our ability to deliver market-leading
performance. To ensure that innovation remains vital and thriving
throughout the company, we continued to execute our “One
Medtronic” strategic framework. One Medtronic means leveraging
our size, scale, capabilities, information, best practices, technologies,
people, and common systems and processes in ways that allow
us to realize synergies that only Medtronic can bring to bear in the
service of our customers and our patients. To achieve this, we
continue to focus on four key strategic initiatives, each critical to
our long-term success:
• Drive sustainable long-term growth through innovation
• Maintain strong focus on improving operating margins
• Deliver earnings per share growth and disciplined capital allocation
• Align the organization for consistent and market-leading execution
(3) See reconciliation of non-GAAP financial measures in the Financial Highlights section
on page 1.
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