Sometimes the best medicine is a short, sharp shock; that's why Medtronic's products reside in its customers' hearts and minds (among other places). A leading maker of implantable biomedical devices, the company makes defibrillators and pacemakers that shock the heart to help it beat normally. Its Cardiac and Vascular group also produces catheters, stents, valves, balloons, and surgical ablation technologies used to treat vascular and heart disease. The company's Restorative Therapies Group makes nerve and brain stimulation devices, defibrillators, implantable drug delivery systems, products used to manage diabetes, and surgical devices for ear, nose, and throat (ENT) and spinal conditions.
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| Income Statement | 2013 | 2012 | 2011 |
|---|---|---|---|
| Revenue | $16,590 | $16,184 | $15,933 |
| Gross Profit | $12,464 | $12,295 | $12,021 |
| Operating Income | $4,251 | $4,658 | $3,723 |
| Net Income | $3,467 | $3,617 | $3,096 |
| Diluted EPS | $3.37 | $3.41 | $2.86 |
| Cash Flow (mil) | 2012 | 2011 | 2010 |
|---|---|---|---|
| Cash at the beginning of the year | $1,382 | $1,400 | $1,271 |
| Net Operating Cash | $4,470 | $3,741 | $4,131 |
| Net Investing Cash | $(2,651) | $(1,815) | $(4,759) |
| Net Financing Cash | $(1,882) | $(2,006) | $764 |
| Net Change in Cash | $(134) | $(18) | $129 |
| Cash at end of the year | $1,248 | $1,382 | $1,400 |
| Capital Expenditure | $(499) | $(548) | $(635) |
| Assets (mil) | 2012 | 2011 | 2010 |
|---|---|---|---|
| Current Assets | |||
| Cash | $1,248 | $1,382 | $1,400 |
| Net Receivables | $3,808 | $3,822 | $3,335 |
| Inventories | $1,800 | $1,695 | $1,481 |
| Other Income Assets | $2,659 | $2,218 | $3,623 |
| Asset Summary | |||
| Total Current Assets | $9,515 | $9,117 | $9,839 |
| Net Fixed Assets | $2,473 | $2,511 | $2,421 |
| Other Noncurrent Assets | $21,095 | $18,796 | $15,830 |
| Total Assets | $33,083 | $30,424 | $28,090 |
| Liabilities (mil) | 2012 | 2011 | 2010 |
|---|---|---|---|
| Current Liabilities | |||
| Accounts Payable | $565 | $511 | $420 |
| Short Term Debt | $3,274 | $1,723 | $2,575 |
| Other Current Liabilities | $2,018 | $2,480 | $2,126 |
| Liability Summary | |||
| Total Current Liabilities | $5,857 | $4,714 | $5,121 |
| Long Term Debt | $7,359 | $8,112 | $6,944 |
| Other Noncurrent Liabilities | $2,754 | $1,630 | $1,396 |
| Total Liabilities | $15,970 | $14,456 | $13,461 |
| Stakeholder's Equity (mil) | 2012 | 2011 | 2010 |
|---|---|---|---|
| Equity | |||
| Preferred Stock Equity | $0 | $0 | $ |
| Common Stock Equity | $17,113 | $15,968 | $14,629 |
| Equity Summary | |||
| Total Equity | $17,113 | $15,968 | $14,629 |
| Shares Outstanding | 1,037.1899 | 1,070.16 | 1,097.34 |