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Medtronic Inc MDT
Q4 2013 Earnings Call Transcript

Transcript Call Date 05/21/2013

Operator: Hello and welcome to today's Medtronic Q4 Earnings Release Conference Call. My name is Lisa and I will be your event specialist. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

I would now like to turn today's call over to your host, Mr. Jeff Warren, Vice President, Investor Relations. Please go ahead, sir.

Jeff Warren - VP, IR: Thank you, Lisa. Good morning and welcome to Medtronic's fourth quarter conference call and webcast. During the next hour, Omar Ishrak, Medtronic Chairman and Chief Executive Officer, and Gary Ellis, Medtronic Chief Financial Officer, will provide comments on the results of our fourth quarter and fiscal year 2013, which ended April 26, 2013. After our prepared remarks, we will be happy to take your questions.

First, a few logistical comments; earlier this morning, we issued a press release containing our financial statements and a revenue-by-business summary. You should also note that some of the statements made during this call may be considered forward-looking statements, and that actual results might differ materially from those projected in any forward-looking statement.

Additional information concerning factors that could cause actual results to differ is contained in our periodic reports filed with the SEC; therefore, we do not undertake to update any forward-looking statement. In addition, the reconciliations of any non-GAAP financial measures are available on the Investors portion of our website at Medtronic.com.

Finally, unless we say otherwise, references to quarterly or annual results increasing or decreasing are in comparison to the fourth quarter and full fiscal year 2013, respectively, and all year-over-year revenue growth rates are given on a constant currency basis.

With that, I am now pleased to turn the call over to Medtronic Chairman and Chief Executive Officer, Omar Ishrak.

Omar Ishrak - Chairman and CEO: Good morning, and thank you, Jeff, and thank you to everyone for joining us today. This morning we reported fourth quarter revenue of $4.5 billion, which represents growth of 5%, Q4 non-GAAP earnings of $1.124 billion and diluted earnings per share of $1.10 increased 8% and 11% respectively. These results were a strong finish to a solid fiscal year and more importantly, represented another step towards our goal of delivering consistent and dependable growth.

Our performance was broad-based, with many businesses and geographies making significant contributions to our overall growth. In the second half of the fiscal year, we delivered 4.4% revenue growth, which was consistent with the model we shared at the beginning of the calendar year. This quarter, our revenue exceeded our outlook, which contributed to a portion of the earnings upside, the details of which we will discuss later.

We recognize that every quarter may not be a perfect fit on the trend line because of a variety of reasons, but the most important outcome for me is that we are establishing a track record of consistency. We are still in the process of continuously strengthening and geographically diversifying our businesses so that we can reliably deliver balanced and consistent growth.

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