EXHIBIT 12.1

MEDTRONIC, INC. COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

The
ratio of earnings to fixed charges for the three months ended July 30, 2010 was
computed based on Medtronics current quarterly report on Form 10-Q. The ratio
of earnings to fixed charges for the fiscal years ended April 30, 2010, April
24, 2009, April 25, 2008, April 27, 2007, and April 28, 2006 was
computed based on Medtronics historical consolidated financial information.

|                                                |  |                                         |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       |  
|----------------------------------------------- |  | --------------------------------------- | ----- | --------------------------- | - | --------------------------- | - | --------------------------- | ----- | --------------------------- | - | --------------------------- | - | - | ----- | - | - | ----- | -
|                                                |  | Three 
 months 
 ended
 July 30, 
 2010 |       | Year ended
 April 30,
 2010 |   | Year ended
 April 24,
 2009 |   | Year ended
 April 25,
 2008 |       | Year ended
 April 27,
 2007 |   | Year ended
 April 28,
 2006 |  
|Earnings:                                       |  |                                         |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       |  
|Net earnings                                    |  | $                                       | 830   |                             | $ | 3,099                       |   | $                           | 2,070 |                             | $ | 2,138                       |   | $ | 2,703 |   | $ | 2,519 |  
|Income taxes                                    |  |                                         | 210   |                             |   | 870                         |   |                             | 370   |                             |   | 602                         |   |   | 658   |   |   | 598   |  
|Minority interest loss/(income)                 |  |                                         | 2     |                             |   | 7                           |   |                             | 1     |                             |   |                            |   |   |      |   |   |      |  
|Capitalized interest (1)                        |  |                                         | (1    | )                           |   | (4                          | ) |                             | (5    | )                           |   | (10                         | ) |   | (3    | ) |   | (3    | )
|                                                |  | $                                       | 1,041 |                             | $ | 3,972                       |   | $                           | 2,436 |                             | $ | 2,730                       |   | $ | 3,358 |   | $ | 3,114 |  
|Fixed Charges:                                  |  |                                         |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       |  
|Interest expense (2)                            |  | $                                       | 107   |                             | $ | 402                         |   | $                           | 371   |                             | $ | 400                         |   | $ | 383   |   | $ | 162   |  
|Capitalized interest (1)                        |  |                                         | 1     |                             |   | 4                           |   |                             | 5     |                             |   | 10                          |   |   | 3     |   |   | 3     |  
|Amortization of debt issuance costs (3)         |  |                                         | 4     |                             |   | 11                          |   |                             | 15    |                             |   | 15                          |   |   | 17    |   |   | 7     |  
|Rent interest factor (4)                        |  |                                         | 11    |                             |   | 46                          |   |                             | 45    |                             |   | 41                          |   |   | 34    |   |   | 26    |  
|                                                |  | $                                       | 123   |                             | $ | 463                         |   | $                           | 436   |                             | $ | 466                         |   | $ | 437   |   | $ | 198   |  
|Earnings before income taxes and fixed
 charges |  | $                                       | 1,164 |                             | $ | 4,435                       |   | $                           | 2,872 |                             | $ | 3,196                       |   | $ | 3,795 |   | $ | 3,312 |  
|Ratio of earnings to fixed charges              |  |                                         | 9     |                             |   | 10                          |   |                             | 7     |                             |   | 7                           |   |   | 9     |   |   | 17    |  

|    |                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Capitalized
 interest relates to construction projects in process.                                                                                                                                                                               
|(2) | Interest
 expense consists of interest on indebtedness.                                                                                                                                                                                          
|(3) | Represents
 the amortization of debt issuance costs incurred in connection with the
 Companys registered debt securities. See Note 8 to the condensed
 consolidated financial statements for further information regarding the debt
 securities.
|(4) | Approximately
 one-third of rental expense is deemed representative of the interest factor.                                                                                                                                                      

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