Medtronic Inc. (MDT, Financial) filed Quarterly Report for the period ended 2012-01-27.
Medtronic has a market cap of $40.01 billion; its shares were traded at around $37.52 with a P/E ratio of 11.3 and P/S ratio of 2.5. The dividend yield of Medtronic stocks is 2.6%. Medtronic had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Medtronic the business predictability rank of 4-star.
Net earnings (including Physio-Control) for the nine months ended January 27, 2012 were $2.626 billion, or $2.47 per diluted share, as compared to net earnings of $2.320 billion, or $2.14 per diluted share for the same period in the prior fiscal year, representing an increase of 13 percent and 15 percent, respectively. Net earnings for the nine months ended January 27, 2012 included after-tax acquisition-related items, net that increased net earnings by $1 million ($1 million pre-tax). Net earnings (including Physio-Control) for the nine months ended January 28, 2011 included after-tax acquisition-related items, net and certain litigation charges, net that decreased net earnings by $267 million ($292 million pre-tax). See further discussion of these items in the Certain Litigation Charges, Net, Acquisition-Related Items, and Restructuring Charges section of this managements discussion and analysis.
Net sales for the three and nine months ended January 27, 2012 were $3.918 billion and $11.887 billion, an increase of 2 percent and 5 percent, respectively, from the same periods in the prior fiscal year. Foreign currency translation had a favorable impact of $13 million and $313 million on net sales for the three and nine months ended January 27, 2012, respectively, when compared to the same periods in the prior fiscal year. The net sales increase for the three and nine months ended January 27, 2012 was driven by 2 percent and 5 percent, respectively, in our Cardiac and Vascular Group and 1 percent and 4 percent, respectively, in our Restorative Therapies Group. The Cardiac and Vascular Groups growth for the three and nine months ended January 27, 2012 resulted from an increase in net sales in Coronary, Structural Heart, Endovascular and Peripheral, CRDM pacing systems, and Atrial Fibrillation (AF) Solutions, partially offset by declines in CRDM defibrillation systems. Our Restorative Therapies Groups growth for the three and nine months ended January 27, 2012 was due to strong net sales in the Diabetes and Surgical Technologies businesses, as well as solid growth in Neuromodulation, partially offset by weaker net sales in Spinal. See our discussion in the Net Sales section of this managements discussion and analysis for more information on the results of our significant operating segments.
Net sales for the three and nine months ended January 27, 2012 were favorably impacted by foreign currency translation of $13 million and $313 million, respectively, when compared to the same periods of the prior fiscal year. The primary exchange rate movements that impacted our consolidated net sales growth were the U.S. dollar as compared to the Euro and the Japanese Yen. The impact of foreign currency fluctuations on net sales was not indicative of the impact on net earnings due to the offsetting foreign currency impact on operating costs and expenses and our hedging activities. See Item 3
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Medtronic has a market cap of $40.01 billion; its shares were traded at around $37.52 with a P/E ratio of 11.3 and P/S ratio of 2.5. The dividend yield of Medtronic stocks is 2.6%. Medtronic had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Medtronic the business predictability rank of 4-star.
Highlight of Business Operations:
Net earnings (including Physio-Control) for the third quarter of fiscal year 2012 were $935 million, or $0.88 per diluted share, as compared to net earnings of $924 million, or $0.86 per diluted share for the same period in the prior fiscal year, representing an increase of 1 percent and 2 percent, respectively. Net earnings for the three months ended January 27, 2012 included after-tax acquisition-related items, net that decreased net earnings by $15 million ($15 million pre-tax). Net earnings (including Physio-Control) for the three months ended January 28, 2011 included after-tax acquisition-related items, net and certain litigation charges, net that increased net earnings by $38 million ($26 million pre-tax). See further discussion of these items in the Certain Litigation Charges, Net, Acquisition-Related Items, and Restructuring Charges section of this managements discussion and analysis.Net earnings (including Physio-Control) for the nine months ended January 27, 2012 were $2.626 billion, or $2.47 per diluted share, as compared to net earnings of $2.320 billion, or $2.14 per diluted share for the same period in the prior fiscal year, representing an increase of 13 percent and 15 percent, respectively. Net earnings for the nine months ended January 27, 2012 included after-tax acquisition-related items, net that increased net earnings by $1 million ($1 million pre-tax). Net earnings (including Physio-Control) for the nine months ended January 28, 2011 included after-tax acquisition-related items, net and certain litigation charges, net that decreased net earnings by $267 million ($292 million pre-tax). See further discussion of these items in the Certain Litigation Charges, Net, Acquisition-Related Items, and Restructuring Charges section of this managements discussion and analysis.
Net sales for the three and nine months ended January 27, 2012 were $3.918 billion and $11.887 billion, an increase of 2 percent and 5 percent, respectively, from the same periods in the prior fiscal year. Foreign currency translation had a favorable impact of $13 million and $313 million on net sales for the three and nine months ended January 27, 2012, respectively, when compared to the same periods in the prior fiscal year. The net sales increase for the three and nine months ended January 27, 2012 was driven by 2 percent and 5 percent, respectively, in our Cardiac and Vascular Group and 1 percent and 4 percent, respectively, in our Restorative Therapies Group. The Cardiac and Vascular Groups growth for the three and nine months ended January 27, 2012 resulted from an increase in net sales in Coronary, Structural Heart, Endovascular and Peripheral, CRDM pacing systems, and Atrial Fibrillation (AF) Solutions, partially offset by declines in CRDM defibrillation systems. Our Restorative Therapies Groups growth for the three and nine months ended January 27, 2012 was due to strong net sales in the Diabetes and Surgical Technologies businesses, as well as solid growth in Neuromodulation, partially offset by weaker net sales in Spinal. See our discussion in the Net Sales section of this managements discussion and analysis for more information on the results of our significant operating segments.
Net sales for the three and nine months ended January 27, 2012 were favorably impacted by foreign currency translation of $13 million and $313 million, respectively, when compared to the same periods of the prior fiscal year. The primary exchange rate movements that impacted our consolidated net sales growth were the U.S. dollar as compared to the Euro and the Japanese Yen. The impact of foreign currency fluctuations on net sales was not indicative of the impact on net earnings due to the offsetting foreign currency impact on operating costs and expenses and our hedging activities. See Item 3
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