Medtronic, Inc. reported un-audited consolidated earnings results for the fourth quarter and year ended April 26, 2013. For the quarter, the company reported Net Sales were $4,459 million, compared to the $4,297 million reported in the fourth quarter of fiscal year 2012, an increase of 5% on a constant currency basis after adjusting for a $48 million negative foreign currency impact or 4% as reported. As reported, fourth quarter net earnings were $991 million or $0.96 per diluted share against $991 million or $0.94 per diluted share in last year. Net earnings and diluted earnings per share on a non-GAAP basis were $1.124 billion and $1.10, an increase of 8% and 11%, respectively, over the same period in the prior year. Net earnings and diluted earnings per share on a non-GAAP basis were $991 million and $0.99 in fourth quarter of 2012. The company reported earnings from continuing operations before income taxes of $1,154 million compared to $1,031 million for the same period a year ago. Earnings from continuing operations of $969 million or $0.95 per diluted share compared to $888 million or $0.94 per diluted share for the same period a year ago. The company generated over $1 billion in free cash flow For the year, the company reported revenue of $16,590 million compared to $16,184 million in last year, an increase of 5% on a constant currency basis after adjusting for a $328 million negative foreign currency impact or 3% as reported. Net earnings were $3.467 billion or $3.37 per diluted share, a decrease of 4% and 1%, respectively. In 2012 the company reported net earnings of $3.617 billion or $3.41 per diluted share. Non-GAAP net earnings and diluted earnings per share were $3.666 billion and $3.46, an increase of 1% and 3%, respectively. In 2012 the company reported Non-GAAP net earnings and diluted earnings per share of $3.617 billion or $3.37 per diluted share. The company reported earnings from continuing operations before income taxes of $4,251 million compared to $4,145 million for the same period a year ago. Earnings from continuing operations of $3,467 million or $3.37 per diluted share compared to $3,415 million or $3.41 per diluted share for the same period a year ago. Net cash provided by operating activities of $4,883 million compared to $4,381 million for the same period a year ago. Additions to property, plant, and equipment were $457 million compared to $513 million for the same period a year ago. Free cash flow was $4.4 billion. The company provided its initial revenue outlook and diluted earnings per share (EPS) guidance for fiscal year 2014. The company expects fiscal year 2014 revenue growth in the range of 3% to 4% on a constant currency basis. The company expects fiscal year 2013 diluted EPS in the range of $3.80 to $3.85, which implies EPS growth of 6% to 8%. For fiscal year 2014, The company expects an adjusted non-GAAP nominal tax rate in the range of 19% to 20%.

Medtronic, Inc. plans to lay off 2,000 employees worldwide, including 70 in California, but the impact on its Sonoma County business unit was not clear. About half of the reductions will hit workers in the United States, and the other half affect workers abroad. The staff reductions primarily hit the company's cardiac and vascular group and its spine group.

A patent dispute between Medtronic and Boston Scientific is headed to the U.S. Supreme Court. The case involves cardiac resynchronization therapy (CRT) devices, which deliver shocks to the heart if ventricles don't contract properly, and patents held by Mirowski Family Ventures. Boston Scientific controls the patents. Through a licensing agreement, Medtronic agreed to pay royalties on devices it creates that incorporate the patents. Mirowski Family Ventures accused Medtronic of creating devices that warranted royalty payments.