EXHIBIT12.1



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



The ratio of earnings to fixed
charges for the six months ended October 24, 2008 and the fiscal years ended
April 25, 2008, April 27, 2007, April 28, 2006, April 29, 2005, and
April 30, 2004 was computed based on Medtronics historical
consolidated financial information included in Medtronics most recent
Annual Report incorporated by reference on Form 10-K.

Six months ended
October 24,
2008

        

        Year ended
April 25,
2008

        

        Year ended
April27,
2007

        

        Year ended
April28,
2006

        

        Year ended
April29,
2005

        

        Year ended
April30,
2004Earnings:Net earnings

        

        $

        1,318

        

        $

        2,231

        

        $

        2,802

        

        $

        2,547

        

        $

        1,804

        

        $

        1,959Income taxes

        

        

        296

        

        

        654

        

        

        713

        

        

        614

        

        

        740

        

        

        838Minority interest (loss)/income

        

        

        1

        

        

        

        

        

        

        

        

        

        

        

        (1

        )

        

        3Capitalized interest (1)

        

        

        (3

        )

        

        (10

        )

        

        (3

        )

        

        (3

        )

        

        (1

        )

        

        $

        1,612

        

        $

        2,875

        

        $

        3,512

        

        $

        3,158

        

        $

        2,542

        

        $

        2,800Fixed Charges:Interest expense (2)

        

        $

        113

        

        $

        255

        

        $

        229

        

        $

        116

        

        $

        55

        

        $

        56Capitalized interest (1)

        

        

        (3

        )

        

        10

        

        

        3

        

        

        3

        

        

        1

        

        

        Amortization of debt issuance costs (3)

        

        

        6

        

        

        12

        

        

        14

        

        

        4

        

        

        1

        

        

        Rent interest factor (4)

        

        

        34

        

        

        41

        

        

        34

        

        

        26

        

        

        24

        

        

        21$

        150

        

        $

        318

        

        $

        280

        

        $

        149

        

        $

        81

        

        $

        77Earnings before income taxes and fixed charges

        

        $

        1,762

        

        $

        3,193

        

        $

        3,792

        

        $

        3,307

        

        $

        2,623

        

        $

        2,877Ratio of earnings to fixed charges

        

        

        12

        

        

        10

        

        

        14

        

        

        22

        

        

        32

        

        

        37




(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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