EXHIBIT 12.1

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

The
ratio of earnings to fixed charges for the nine months ended January 23, 2009
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 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.

|                                                |  |                                        |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       | 
|----------------------------------------------- |  | -------------------------------------- | ----- | --------------------------- | - | --------------------------- | - | --------------------------- | ----- | --------------------------- | - | --------------------------- | - | - | ----- | - | - | ----- | 
|                                                |  | Nine
 months ended
 January 23, 
 2009 |       | Year ended
 April 25,
 2008 |   | Year ended
 April 27,
 2007 |   | Year ended
 April 28,
 2006 |       | Year ended
 April 29,
 2005 |   | Year ended
 April 30,
 2004 |  
|Earnings:                                       |  |                                        |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       | 
|Net earnings                                    |  | $                                      | 2,041 |                             | $ | 2,231                       |   | $                           | 2,802 |                             | $ | 2,547                       |   | $ | 1,804 |   | $ | 1,959 | 
|Income taxes                                    |  |                                        | 505   |                             |   | 654                         |   |                             | 713   |                             |   | 614                         |   |   | 740   |   |   | 838   | 
|Minority interest (loss)/income                 |  |                                        | 2     |                             |   |                            |   |                             |      |                             |   |                            |   |   | (1    | ) |   | 3     | 
|Capitalized interest (1)                        |  |                                        | (4    | )                           |   | (10                         | ) |                             | (3    | )                           |   | (3                          | ) |   | (1    | ) |   |      | 
|                                                |  | $                                      | 2,544 |                             | $ | 2,875                       |   | $                           | 3,512 |                             | $ | 3,158                       |   | $ | 2,542 |   | $ | 2,800 | 
|Fixed Charges:                                  |  |                                        |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       | 
|Interest expense (2)                            |  | $                                      | 164   |                             | $ | 255                         |   | $                           | 229   |                             | $ | 116                         |   | $ | 55    |   | $ | 56    | 
|Capitalized interest (1)                        |  |                                        | 4     |                             |   | 10                          |   |                             | 3     |                             |   | 3                           |   |   | 1     |   |   |      | 
|Amortization of debt issuance costs (3)         |  |                                        | 9     |                             |   | 12                          |   |                             | 14    |                             |   | 4                           |   |   | 1     |   |   |      | 
|Rent interest factor (4)                        |  |                                        | 51    |                             |   | 41                          |   |                             | 34    |                             |   | 26                          |   |   | 24    |   |   | 21    | 
|                                                |  | $                                      | 228   |                             | $ | 318                         |   | $                           | 280   |                             | $ | 149                         |   | $ | 81    |   | $ | 77    | 
|Earnings before income taxes and fixed
 charges |  | $                                      | 2,772 |                             | $ | 3,193                       |   | $                           | 3,792 |                             | $ | 3,307                       |   | $ | 2,623 |   | $ | 2,877 | 
|Ratio of earnings to fixed charges              |  |                                        | 12    |                             |   | 10                          |   |                             | 14    |                             |   | 22                          |   |   | 32    |   |   | 37    | 

|                                                                                                                                                                                                                                                      | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|(1) Capitalized
 interest relates to construction projects in process.                                                                                                                                                                               
|                                                                                                                                                                                                                                                      | 
|(2) Interest
 expense consistes 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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