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 27, 2007 and the fiscal years ended April 27, 2007, April 28, 2006, April 29,
2005, April 30, 2004, and April 25, 2003 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.



Three months endedJuly27,2007
        
        Year endedApril27,2007
        
        Year endedApril28,2006
        
        Year endedApril29,2005
        
        Year endedApril30,2004
        
        Year endedApril25,2003Earnings:Net earnings
        
        $
        675
        
        $
        2,802
        
        $
        2,547
        
        $
        1,804
        
        $
        1,959
        
        $
        1,600Income taxes
        
        
        204
        
        
        713
        
        
        614
        
        
        740
        
        
        838
        
        
        742Minority interest (loss)/income
        
        
        
        
        
        
        
        
        
        
        
        (1
        )
        
        3
        
        
        (1)Capitalized interest(1)
        
        
        (3
        )
        
        (3
        )
        
        (3
        )
        
        (1
        )
        
        
        
        
        (1)$
        876
        
        $
        3,512
        
        $
        3,158
        
        $
        2,542
        
        $
        2,800
        
        $
        2,340Fixed Charges:Interest expense(2)
        
        $
        53
        
        $
        229
        
        $
        116
        
        $
        55
        
        $
        56
        
        $
        47Capitalized interest(1)
        
        
        3
        
        
        3
        
        
        3
        
        
        1
        
        
        
        
        
        1Amortization of debt issuance costs(3)
        
        
        3
        
        
        14
        
        
        4
        
        
        1
        
        
        
        
        
        Rent interest factor(4)
        
        
        9
        
        
        34
        
        
        26
        
        
        24
        
        
        21
        
        
        18$
        68
        
        $
        280
        
        $
        149
        
        $
        81
        
        $
        77
        
        $
        66Earnings before income taxes and fixed charges
        
        $
        944
        
        $
        3,792
        
        $
        3,307
        
        $
        2,623
        
        $
        2,877
        
        $
        2,406Ratio of earnings to fixed charges
        
        
        14
        
        
        14
        
        
        22
        
        
        32
        
        
        37
        
        
        36






(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 5 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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