Montag, 8. November 2010


Medtronic was founded in 1949 as a medical equipment repair shop by Earl Bakken and his brother-in-law,
Palmer Hermundslie. Out of a garage, the company grew and by the mid-1950's they started making a new
kind of pacemaker that was more effective at regulating heart rhythm and less bulky than the ones used at
that point.
Today, the company is the world's largest manufacturer of implantable biomedical devices, with sales to over
120 countries. It operates in seven segments: Cardiac Rhythm Disease Management, Spinal, Cardiovascular,
Neuromodulation, Diabetes, Surgical Technologies and Physio-Control. Its primary customers include
hospitals, clinics, third party healthcare providers, distributors and other institutions, including governmental
healthcare programs and group purchasing organizations.
Currently, based on the company’s historical growth rate of 13.1%, tied with a forward earnings per share (EPS)
of $4.32 and a current book value of $13.52 brings the company's Fair Value to $66.11 per share. This gives
Medtronic Inc (MDT) stock a margin of safety of 49%.

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