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To: J. De Motte who wrote (57084)	8/23/1999 5:43:00 PM
From: Jenna	Read Replies (2) \| Respond to of 120523

Medtronic Reports Strong First Quarter Revenues and Earnings Driven By Tachyarrhythmia and Neurological Growth MINNEAPOLIS, Aug. 23 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT - news), reported today that it achieved revenues of $1,104.9 million for its first fiscal quarter ended July 30, 1999, an 11.4 percent increase over the $991.7 million recorded in the comparable period a year ago. After excluding the $2.3 million negative impact of foreign currency translation, quarterly revenues increased 11.6 percent. Net earnings were $248.9 million ($0.42 a share), up 9 percent, compared with $228.5 million ($0.39 a share) in the first quarter of fiscal 1999 on a restated basis with fiscal 1999 poolings included. Prior to the mergers, Medtronic had reported earnings of $0.32 per share in fiscal 1999's first quarter. ''Fiscal year 2000 is off to a very solid start. First quarter results demonstrate continued strong performance from our Cardiac Rhythm Management, Cardiac Surgery and Neurological and Spinal franchises,'' said William W. George, chairman and chief executive officer. ''New products accounted for a significant portion of revenues. We expect our full pipeline of new products will result in continued acceleration of Medtronic's revenue growth throughout the fiscal year. All of our fiscal 1999 mergers and acquisitions are fully integrated into Medtronic and are contributing to our growth in earnings and revenues.''