SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 22, 1998
Medtronic, Inc.
(Exact name of Registrant as Specified in its Charter)
Minnesota
(State or Other Jurisdiction of Incorporation)
1-7707 41-0793183
(Commission File Number) (IRS Employer
Identification No.)
7000 Central Avenue N.E.
Minneapolis, Minnesota 55432-3576
(Address of Principal Executive Offices and Zip Code)
(612) 574-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On September 22, 1998, the Registrant issued a press release announcing
the signing of an agreement to acquire all of the assets and certain liabilities
of Midas Rex of Fort Worth, Texas. The full text of the press release is set
forth in Exhibit 99 attached hereto and is incorporated in this Report as if
fully set forth herein.
Item 7. Financial Statements and Exhibits
Exhibit 99. Press release dated September 22, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEDTRONIC, INC.
By /s/ Robert L. Ryan
Date September 22, 1998 Robert L. Ryan
Senior Vice President and Chief
Financial Officer
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EXHIBIT INDEX
Medtronic, Inc.
Form 8-K Current Report
Dated September 22, 1998
Exhibit Number Description
99 Press release dated September 22, 1998
Exhibit 99
Midas Rex Medtronic
Stephen A. Koffler Chris O'Connell
President, Koffler & Company Investors Relations
310/312-0877 612/514-3038
Jessica Stoltenberg
Public Relations
612/514-3333
MEDTRONIC ACQUIRES MIDAS REX, A TECHNOLOGY LEADER
IN HIGH SPEED SURGICAL INSTRUMENTATION
MINNEAPOLIS, MN, September 22, 1998 -- In a move designed to
significantly expand its neurosurgical product offerings, Medtronic, Inc.
(NYSE:MDT), today announced that it had signed a definitive agreement to acquire
Midas Rex, L.P., of Fort Worth, Texas. Medtronic will acquire all assets and
certain liabilities of Midas Rex, a privately held company with anticipated 1998
revenues of approximately $55 million. Medtronic expects the transaction to be
neutral to earnings in fiscal 1999 and accretive thereafter. Further financial
details were not disclosed.
Midas Rex, which will become a part of Medtronic's PS Medical
neurosurgery business, is the market leader in high-speed neurological powered
instruments, including pneumatic instrumentation for surgical dissection of
bones, biometals, bioceramics and bioplastics. Other instruments manufactured by
Midas Rex assist in orthopedic, otolaryngological, maxillofacial and
craniofacial procedures, as well as plastic surgery.
"We are delighted to be joined by this successful company, whose
neurosurgical powered instruments set the `gold standard' in the industry," said
John Meslow, senior vice president and president, Medtronic Neurological
Business. "Their number one market position in neurological instrumentation and
their outstanding training institute will significantly add to Medtronic's
capabilities in these areas."
Since its founding in 1962, Midas Rex has trained approximately 5,000
neurosurgeons in the United States to use the latest technological advances in
this field. In 1978, the Midas Rex Institute was formed as a source of
educational programs and training opportunities for surgeons and operating room
personnel. Led by 16 Ph.D. employees who specialize in educational training and
product development, the Midas Rex Institute offers more than 100 workshops each
year, worldwide.
Midas Rex, a privately held company with more than 180 employees, now
markets its products through independent distributors in 48 countries.
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Midas Rex will be a part of Medtronic's PS Medical neurosurgery
business based in Goleta, California. PS Medical is the world market leader in
cerebrospinal fluid (CSF) shunts, devices implanted to prevent a dangerous
accumulation of fluids in the brain's ventricles in cases of hydrocephalus or
brain injury. In addition, the company manufactures and distributes
neurosurgical implants such as catheters, reservoirs and fluid drainage systems
for access throughout the central nervous system.
Medtronic, Inc., is the world's leading medical technology company
specializing in implantable and interventional therapies. Its Internet address
is www.medtronic.com.
* * *
Any statements made regarding anticipated financial results are
forward-looking statements which are subject to risks and uncertainties, such as
those described in the company's Annual Report on Form 10K for the year ended
April 30, 1998. Actual results may differ materially from anticipated results.
