Exhibit 12.1

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

The
ratio of earnings to fixed charges for the fiscal years ended April 24, 2009,
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.

|                                                |  |                             |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       | 
|----------------------------------------------- |  | --------------------------- | ----- | --------------------------- | - | --------------------------- | - | --------------------------- | ----- | --------------------------- | - | --------------------------- | - | - | ----- | - | - | ----- | 
|                                                |  | Year ended
 April 24,
 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                                    |  | $                           | 2,169 |                             | $ | 2,231                       |   | $                           | 2,802 |                             | $ | 2,547                       |   | $ | 1,804 |   | $ | 1,959 | 
|Income taxes                                    |  |                             | 425   |                             |   | 654                         |   |                             | 713   |                             |   | 614                         |   |   | 740   |   |   | 838   | 
|Minority
 interest (loss)/income                |  |                             | 1     |                             |   |                            |   |                             |      |                             |   |                            |   |   | (1    | ) |   | 3     | 
|Capitalized
 interest(1)                        |  |                             | (5    | )                           |   | (10                         | ) |                             | (3    | )                           |   | (3                          | ) |   | (1    | ) |   |      | 
|                                                |  | $                           | 2,590 |                             | $ | 2,875                       |   | $                           | 3,512 |                             | $ | 3,158                       |   | $ | 2,542 |   | $ | 2,800 | 
|Fixed
 Charges:                                 |  |                             |       |                             |   |                             |   |                             |       |                             |   |                             |   |   |       |   |   |       | 
|Interest
 expense(2)                            |  | $                           | 217   |                             | $ | 255                         |   | $                           | 228   |                             | $ | 116                         |   | $ | 55    |   | $ | 56    | 
|Capitalized
 interest(1)                        |  |                             | 5     |                             |   | 10                          |   |                             | 3     |                             |   | 3                           |   |   | 1     |   |   |      | 
|Amortization of debt
 issuance costs(3)         |  |                             | 12    |                             |   | 12                          |   |                             | 14    |                             |   | 4                           |   |   | 1     |   |   |      | 
|Rent
 interest factor(4)                        |  |                             | 45    |                             |   | 41                          |   |                             | 34    |                             |   | 26                          |   |   | 24    |   |   | 21    | 
|                                                |  | $                           | 279   |                             | $ | 318                         |   | $                           | 279   |                             | $ | 149                         |   | $ | 81    |   | $ | 77    | 
|Earnings before income taxes
 and fixed charges |  | $                           | 2,869 |                             | $ | 3,193                       |   | $                           | 3,791 |                             | $ | 3,307                       |   | $ | 2,623 |   | $ | 2,877 | 
|Ratio of
 earnings to fixed charges             |  |                             | 10    |                             |   | 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 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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