Medtronic 2010 Annual Report Download - page 106

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102Medtronic, Inc.
Selected Financial Data
Fiscal Year
(in millions, except per share data) 2010 2009 2008 2007 2006
Operating Results for the Fiscal Year:
Net sales $ 15,817 $ 14,599 $ 13,515 $ 12,299 $ 11,292
Cost of products sold 3,812 3,518 3,446 3,168 2,815
Gross margin percentage 75.9% 75.9% 74.5% 74.2% 75.1%
Research and development expense $ 1,460 $ 1,355 $ 1,275 $ 1,239 $ 1,113
Selling, general and administrative expense 5,415 5,152 4,707 4,153 3,659
Special charges —100 78 98 100
Restructuring charges 50 120 41 28 —
Certain litigation charges, net 374 714 366 40 —
Purchased in-process research and development and
certain acquisition-related costs 23 621 390 — 364
Other expense, net 468 396 436 212 167
Interest expense/(income) 246 183 36 — (43)
Earnings before income taxes 3,969 2,440 2,740 3,361 3,117
Provision for income taxes 870 370 602 658 598
Net earnings $ 3,099 $ 2,070 $ 2,138 $ 2,703 $ 2,519
Per Share of Common Stock:
Basic earnings $ 2.80 $ 1.85 $ 1.89 $ 2.35 $ 2.09
Diluted earnings 2.79 1.84 1.87 2.32 2.07
Cash dividends declared 0.82 0.75 0.50 0.44 0.39
Financial Position at Fiscal Year-end:
Working capital $ 4,718 $ 4,305 $ 3,777 $ 5,342 $ 5,956
Current ratio 1.9:1.0 2.4:1.0 2.1:1.0 3.1:1.0 2.4:1.0
Total assets $ 28,090 $ 23,588 $ 22,085 $ 19,295 $ 19,650
Long-term debt 6,944 6,253 5,127 4,755 4,507
Shareholders’ equity 14,629 13,182 11,966 11,500 1,005
Additional Information:
Full-time employees at year-end 39,273 37,665 36,484 34,554 32,280
Full-time equivalent employees at year-end 43,321 41,158 40,351 37,800 35,733
0
50
100
150
April 2005 April 2006 April 2007 April 2008 April 2009 April 2010
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 five fiscal years.
The graph assumes that $100 was invested at
market close on April 30, 2005 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