MINNEAPOLIS, Jun 23, 2010 (BUSINESS WIRE) --Gary Ellis, senior vice-president and chief financial officer at Medtronic, Inc. (NYSE: MDT) today reiterated fiscal year 2011 revenue and diluted earnings per share (EPS) guidance at the Wells Fargo 2010 Healthcare Conference in Boston.

As previously disclosed, the company continues to expect fiscal year 2011 revenue growth in the range of 5 to 8 percent on a constant currency basis. The company also continues to expect diluted EPS in the range of $3.45 to $3.55, which includes approximately $0.05 of dilution from the acquisition of Invatec and the pending ATS Medical acquisition. Excluding the impact of acquisition dilution and the benefit of the extra week in the first quarter of fiscal year 2010, fiscal year 2011 EPS growth is expected to be in the range of 10 percent to 13 percent.

Ellis also provided details of the company's expected revenue and diluted EPS for the first fiscal quarter ending July 30, 2010. The company anticipates revenue in the range of $3.860 billion to $3.960 billion, which represents constant currency growth of 5 percent to 8 percent after excluding the impact of the extra week in the first quarter of fiscal year 2010 and including an estimated negative foreign exchange impact of $30 million to $50 million. The company anticipates diluted EPS to be in the range of $0.79 to $0.81, which represents growth of 10 percent to 13 percent after adjusting for acquisition dilution and the impact of the extra week.

"Every six years we have a quarter with an additional week of revenue, which adds complexity in evaluating our year-over-year performance," said Ellis. "Today we are reiterating our fiscal year 2011 guidance as well as providing additional clarity for our first quarter expectations where the impact from the extra week is greater than the full year."

Earnings per share guidance excludes any unusual charges or gains that might occur during the fiscal year and the impact of the non-cash charge to interest expense due to the accounting rules governing convertible debt. The guidance provided only reflects information available to the company at this time.

About Medtronic

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease. Its Internet address is www.medtronic.com

This press release contains forward-looking statements related to expected product introductions and results of Medtronic's operations, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in Medtronic's periodic reports on file with the Securities and Exchange Commission.Actual results may differ materially from anticipated results.Medtronic does not undertake to update its forward-looking statements.Unless otherwise noted, all comparisons made in this news release are on an "as reported basis," not on a constant currency basis; references to quarterly figures increasing or decreasing are in comparison to the first quarter of fiscal year 2010; and references to annual figures increasing or decreasing are in comparison to fiscal year 2010.

SOURCE: Medtronic, Inc.

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