Medtronic (NYSE:MDT) Generates Over 40 Percent of Revenue Outside US

Commenting on a recent filing by Medtronic, Inc. (NYSE:MDT), Barclays (NYSE:BCS) noted several disclosures of the company, including they've generated over 40 percent of their revenue outside the U.S., mostly in the Asia, Pacific region.

Barclays noted, "The filing contained a number of interesting disclosures: 1) In F2Q, we note that MDT generated - 41% of its revenue from outside the US, in-line with last quarter as weakness in Europe was offset by strength in Asia-Pac and other international regions; 2) MDT disclosed operating income data for its two operating segments, Cardiac/Vascular and Restorative Therapies noting operating margins of - 34% and - 28% respectively, each up - 200 bps over prior year levels. 3) MDT noted that - $2.5 billion of its $7 billion in LT debt is due within the next year but we note that MDT has a clean balance sheet with a Debt/TTM EBITDA of - 1.8x as of October 29, 2010; 4) MDT disclosed that, as of October 29, 2010 it had - $3.2 billion outstanding of unused credit lines with various banks; 5) MDT repurchased nearly - 3 million shares during F2Q and has - 32 million shares remaining under current buyback authorizations; 6) MDT provided detail on its recent acquisitions including Ardian, ATS Medical, and Invatec. 7) MDT noted that the future launch timing of certain devices within in Cardiac and Vascular group will be impacted by the timing of the final resolution to the company's Mounds View warning letter."

Barclays maintains an 'Overweight' on Medtronic, Inc., which closed Thursday at $35.21, up $0.50, or 1.44 percent. They have a price target of $38 on them.