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Medtronic Issues Statement on Ruling in Germany


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-07-12 09:47:02 -

MINNEAPOLIS -- July 12, 2013 --Today a court in Mannheim Germany found that
Medtronic's CoreValve® System infringes a patent owned by Edwards Lifesciences
(the Spenser patent). Medtronic, Inc. (NYSE: MDT) respectfully disagrees with
the court's decision and intends to appeal. The court's decision will limit
options for physicians and their patients who need transcatheter aortic valve
procedures, which Medtronic believes is contrary to sound health policy.

In a separate European Patent Office proceeding, Medtronic and others have
challenged the validity of the Spenser patent. Ultimately, Medtronic believes
that Edwards' patent claims will be found to be invalid, which will negate
today's ruling of patent infringement.

Today's decision affects commercial sales of the CoreValve System only in
Germany. These actions have no impact in any market on the Medtronic Engager(TM)
Transcatheter Valve, the 
Melody® Pulmonic Transcatheter Valve, or any other Medtronic product. Due to its global manufacturing capabilities, Medtronic does not anticipate any interruption to the global supply of the Medtronic CoreValve System outside of Germany. The Company's revenue from the affected products in Germany was less than 0.5 percent of its total revenue in fiscal year 2013. The Company does not believe today's decision and the resulting sales impact for the remainder of its fiscal year will be material to its fiscal 2014 financial results. The Company is reiterating its revenue outlook and diluted earnings per share (EPS) guidance for fiscal year 2014. In fiscal year 2014, the Company continues to expect full- year revenue growth in the range of 3 to 4 percent on a constant currency basis and diluted EPS in the range of $3.80 to $3.85. EPS guidance excludes any unusual charges or gains that might occur during the fiscal year. ABOUT MEDTRONIC Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology -- alleviating pain, restoring health and extending life for millions of people around the world. Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Any guidance provided only reflects information available to the Company at this time. - end - Contacts: Kathleen Janasz Public Relations +1-763-526-3676 Jeff Warren Investor Relations +1-763-505-2696 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Medtronic, Inc. via Thomson Reuters ONE [HUG#1716051]


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