Medtronic 2011 Annual Report Download - page 6

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CEO Omar Ishrak recently met with 13-year-old Tucker Manske, one
of 7 million people a year whose lives are improved by a Medtronic
product or technology. Tucker collapsed from sudden cardiac arrest
(SCA) during a school soccer game this year. Fortunately, his dad
was on the sidelines and performed CPR until someone could get
the school’s automated external debrillator (AED). Tucker was then
rushed to the hospital, where he was given permanent protection
from SCA: a Medtronic implantable cardioverter debrillator (ICD).
At the core of that growth will be innovation,
which — at Medtronic — has many faces, including
those of the 7 million patients a year whose lives
are improved by our therapies. That translates
to one person every four seconds. The entire
Medtronic team is focused on our goal to reach
25 million patients annually by 2020, which means
we will deliver life-enhancing technology to one
person every single second.
In recent months, I have been traveling the
world meeting our people, our customers, and
the patients they serve. These early visits have
taken me to many of the more than 120 countries
in which Medtronic operates. This experience
highlighted even more strongly the tremendous
opportunity for us to provide greater access
to medical technology for large, underserved
populations around the world.
FY11 
In scal year 2011, Medtronic achieved $15.9 billion
in revenue, an increase of 1 percent over last year.
This performance was primarily impacted by the
signicant decline in the overall market growth
of two of our larger markets, Spinal and Cardiac
Rhythm Disease Management, especially in the
United States. These markets aside, revenue
growth was driven by the introduction of new
technologies, performance in emerging markets,
and continued steady growth in key businesses,
including Coronary & Peripheral, Structural Heart,
Endovascular, Diabetes, and Surgical Technologies.
Our international business represented 43 percent
of total company revenues for the year. We are
building steady momentum in our international
markets, delivering 12 percent growth in the
fourth quarter. Performance in the major emerging
markets, including China, India, and Latin America,
was particularly strong, reaching 20 percent.
We also introduced a number of important and
dierentiated new therapies that are expected
to help drive growth and market share in FY12. In
our Cardiac and Vascular Group, we launched the
rst pacemaker in the United States designed for
use in the MRI environment; a portfolio of ICD and
CRT-D devices that reduce the risk of inappropriate
shocks to patients; the rst cryoballoon ablation
catheter system in the United States used to treat
a refractory, recurrent form of atrial brillation; and
two novel stent graft systems for the treatment
of aortic aneurysms.
In our Restorative Therapies Group, we gained FDA
approval for our bowel control therapy and further
enhanced our industry-leading portfolio of deep
brain stimulation devices. We also launched an
important refresh of our spinal xation platform.
And nally, we introduced several innovative
products from our Surgical Technologies business,
which had its rst $1 billion year in sales.
T   
As I look across the company, I see a tremendous
business, social, and humanitarian opportunity.
This opportunity starts with restoring sustainable
top-line growth. This is our most pressing
imperative. Medtronic’s business fundamentals
are in place — large underpenetrated markets;
ample opportunity to continue to take market
share; a robust technology platform; and talented,
passionate, and motivated people. To reignite
growth, we need to accelerate our eorts in three
areas: globalization, innovation, and execution.
Globalization. With 43 percent of our revenue
derived from markets outside the traditional
U.S. core, Medtronic is already a well-established
global company. However, given that 95 percent
of the world’s population resides outside the
United States, there is clearly much work to do