** UNITED STATES SECURITIES AND EXCHANGECOMMISSIONWashington, D.C. 20549**

 

**FORM 10-K**

 (Mark One)

x          ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal yearended******March 31, 2006**or

o                 TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

Commission File No. 001-31744**MENTOR CORPORATION**(Exact name of registrant as specified in itscharter)

 

| **Minnesota**                                                   | ** ** | **41-0950791**                    |
|-----------------------------------------------------------------|------------|-----------------------------------|
| (State or other jurisdiction of  incorporation or organization) |            | (IRS Employer Identification No.) |

** **

**201 Mentor Drive, Santa  Barbara, California 93111**(Address of principal executive offices) (Zip Code)

 

**(805) 879-6000**(Registrant's telephone number, including area code)

 

| Title of Each Class |            | Name of Each Exchange on Which Registered |
|---------------------|------------|-------------------------------------------|
|                     |            |                                           |
| **Common Shares**   | ** ** | **New York  Stock Exchange**              |

Securities registered pursuant to Section 12(g) of theAct:  None

Indicate by check mark if the Registrant is awell-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x            Noo

Indicate by check mark if the Registrant is notrequired to file reports pursuant to Section 13 or Section 15(d) ofthe Act.  Yes o            Nox

Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the Registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.  Yes x            Noo

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-Kis not contained herein, and will not be contained, to the best of Registrant'sknowledge, in a definitive proxy or information statement incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K  o

Indicate by checkmark whether the Registrant is a large accelerated filer, an accelerated filer,or a non-accelerated filer.  See definition of "accelerated filer and largeaccelerated filer" in Rule 12b-2 of the Exchange Act.  (Check one):

| Large accelerated filer  x | Accelerated filer o | Non-accelerated filer o |
|----------------------------|---------------------|-------------------------|

Indicateby check mark whether the Registrant is a shell company (as defined in ExchangeAct Rule 12b-2).  Yes o            Nox

Based on theclosing sale price on the New York Stock Exchange as of the last business dayof the Registrant's most recently completed second fiscal quarter (September 30, 2005),the aggregate market value of the Common Shares of the Registrant held bynon-affiliates of the Registrant was approximately $1,616,340,841.  Forpurposes of this calculation, shares held by each executive officer, directorand holder of 10% or more of the outstanding shares of the Registrant have beenexcluded in that such persons may be deemed to be affiliates.  Thisdetermination of affiliate status is not necessarily a conclusive determinationfor other purposes.

As of June 11, 2006, therewere approximately  41,326,022 Common Shares outstanding. 

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**DOCUMENTS INCORPORATED BYREFERENCE**

Portionsof the Registrant's Proxy Statement for its Annual Meeting of Shareholders tobe held on September 13, 2006 are incorporated by reference into Part III ofthis Form 10‐K.

 

 

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**MENTOR CORPORATION**

**TABLE OF CONTENTS**

 

| **ITEM** | **PART  I**                                                                                                    | **PAGE** |
|----------|----------------------------------------------------------------------------------------------------------------|----------|
| 1.       | Business                                                                                                       | 4        |
|          |       General                                                                         | 4        |
|          |       Recent  Events                                                                  | 5        |
|          |       Principal  Products and Markets                                                 | 6        |
|          |       Sales  and Marketing                                                            | 7        |
|          |       International  Operations                                                       | 7        |
|          |       Competition                                                                     | 8        |
|          |       Government  Regulations                                                         | 8        |
|          |       Medicare,  Medicaid and Third Party Reimbursement                               | 11       |
|          |       Product  Development                                                            | 15       |
|          |       Patents  and Licenses                                                           | 15       |
|          |       Raw  Material Supply and Single Source Suppliers                                | 15       |
|          |       Seasonality                                                                     | 16       |
|          |       Working  Capital                                                                | 16       |
|          |       Employees                                                                       | 16       |
|          | Discontinued Operations                                                                                        | 16       |
|          |       Executive  Officers of the Registrant                                           | 17       |
|          |       Available  Information                                                          | 18       |
| 1A.      | Risk  Factors                                                                                                  | 19       |
| 1B.      | Unresolved  Staff Comments                                                                                     | 29       |
| 2.       | Properties                                                                                                     | 29       |
| 3.       | Legal  Proceedings                                                                                             | 30       |
| 4.       | Submission  of Matters to a Vote of Security Holders                                                           | 30       |
|          |                                                                                                                |          |
|          | **PART  II**                                                                                                   |          |
| 5.       | Market  for Registrant's Common Equity, Related Stockholder Matters and Issuer  Purchases of Equity Securities | 31       |
| 6.       | Selected  Financial Data                                                                                       | 33       |
| 7.       | Management's  Discussion and Analysis of Financial Condition and Results of Operations                         | 34       |
| 7A.      | Quantitative  and Qualitative Disclosures About Market Risk                                                    | 49       |
| 8.       | Financial  Statements and Supplementary Data                                                                   | 50       |
| 9.       | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure                          | 50       |
| 9A.      | Controls  and Procedures                                                                                       | 50       |
| 9B.      | Other  Information                                                                                             | 53       |
|          |                                                                                                                |          |
|          | **PART  III**                                                                                                  |          |
| 10.      | Directors  and Executive Officers of the Registrant                                                            | 53       |
| 11.      | Executive  Compensation                                                                                        | 53       |
| 12.      | Security  Ownership of Certain Beneficial Owners and Management and Related Stockholder  Matters               | 53       |
| 13.      | Certain  Relationships and Related Transactions                                                                | 53       |
| 14.      | Principal  Accountant Fees and Services                                                                        | 53       |
|          |                                                                                                                |          |
|          | **PART  IV**                                                                                                   |          |
| 15.      | Exhibits  and Financial Statement Schedules                                                                    | 54       |
|          | Report  of Independent Registered Public Accounting Firm                                                       | 55       |
|          | Consolidated  Financial Statements                                                                             | 56       |
|          | Signatures                                                                                                     | 87       |
|          | Exhibit  Index                                                                                                 | 88       |

 

 

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**PART I**

**FORWARD-LOOKING STATEMENTS**

 

Unlessthe context indicates otherwise, when we refer to "Mentor,""we," "us," "our," or the "Company" inthis Form 10-K, we are referring to Mentor Corporation and its subsidiaries ona consolidated basis.  Various statements in this Form 10-K orincorporated by reference into this Form 10-K, in future filings by us with theSEC,in our press releases and in our oral statements made by or with the approvalof authorized personnel, constitute "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of1995.  Forward-looking statements are based on current expectations andare indicated by words or phrases such as "anticipate," "estimate,""expect," "intend," "project," "plan,""believe," "will," "seek," and similar words orphrases and involve known and unknown risks, uncertainties and other factorswhich may cause actual results, performance or achievements to be materiallydifferent from any future results, performance or achievements expressed orimplied by such forward-looking statements.  Some of the factors thatcould affect our financial performance or cause actual results to differ fromour estimates in, or underlying, such forward-looking statements are set forthunder "Item 1A -Risk Factors" or elsewhere in this Form 10-K. Forward-looking statements include statements regarding, among other things:

 

-  Our anticipated growth strategies;
-  Our intention to introduce or seekapproval for new products;
-  Our ability to continue to meet FDAand other regulatory requirements;
-  Our anticipated outcomes oflitigation and regulatory reviews; and
-  Our ability to replace sources ofsupply without disruption and regulatory delay
-  Our expectation that selling,general and administrative expenses will increase as a result of the adoption ofSFAS 123(R) - "Share-Based Payment" which requires all share-based payments be	recognized in the financial statements.

Theseforward-looking statements are based largely on our expectations and aresubject to a number of risks and uncertainties, many of which are beyond ourcontrol.  Actual results could differ materially from theseforward-looking statements as a result of the facts described in "Item 1A- Risk Factors" or elsewhere including, among others, problems withsuppliers, changes in the competitive marketplace, significant productliability or other claims, difficulties with new product development, theintroduction of new products by our competitors, changes in the economy, UnitedStates Food Drug and Administration ("FDA") delay in approval or rejection ofnew or existing products, changes in Medicare, Medicaid or third-partyreimbursement policies, changes in government regulations, use of hazardous orenvironmentally sensitive materials, inability to implement new informationtechnology systems, inability to integrate new acquisitions, and otherevents.  We undertake no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise.  In light of these risks and uncertainties, we cannotassure you that the forward-looking information contained in this Form 10-Kwill, in fact, transpire.

 

| **ITEM  1.** | **BUSINESS.** |
|--------------|---------------|

 

MentorCorporation was incorporated in Minnesota in 1969.  Our fiscal year endson March 31, and references to fiscal 2006, fiscal 2005 or fiscal 2004 refer tothe years ended March 31, 2006, 2005 or 2004, respectively.

 

General

 

Wedevelop, manufacture and market a range of products serving the aestheticmedicine market, including plastic and reconstructive surgery.  Aestheticsurgery products include surgically implantable prostheses for plastic andreconstructive surgery, capital equipment and consumables used for soft tissueaspiration or body contouring (liposuction), and facial aestheticsproducts. 

 

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Historicallywe have had three reportable segments: aesthetic and general surgery, surgicalurology, and clinical and consumer healthcare.  In October 2005, weannounced a strategy to increase our focus on aesthetic medicine, and as aresult we pursued strategic alternatives for our surgical urology and clinicaland consumer healthcare businesses.  On March 27, 2006,we announced that we received a binding offer from Coloplast A/S ("Coloplast")regarding the sale of these businesses.  On May 17, 2006, we entered into adefinitive purchase agreement for the sale of our surgical urology and clinicaland consumer healthcare business segments (collectively, the "Urology Business")to Coloplast for total consideration of $463,225,000, of which $456,137,500would be in cash and $7,087,500 in non-cash consideration, and on June 2, 2006 wecompleted this sale to Coloplast.  

 

Inconnection with the sale, we have entered into a Transition Services Agreement("TSA")and various supply agreements.  Pursuant to the TSA, we will provide toColoplast, and Coloplast will provide to us, services including accounting, regulatory,clinical, information technology, customer support, and use of facilities inexchange for specified fees.  Under the supply agreements we will supplyvarious products, including silicone gel-filled testicular implants toColoplast, and Coloplast will supply to us various components for themanufacture of our breast implants.  It is anticipated that services provided underthe TSA will continue for a period of up to twelve months, and the supplyagreements range from a period of 6-36 months.  As a result of the sale, theoperations of our surgical urology and clinical and consumer healthcaresegments have been classified as discontinued operations in our consolidated balancessheets, consolidated statements of income, consolidated statement of cash flowsand the notes to the consolidated financial statements included herein for allperiods presented.  The following information relates to our continuingoperations in the aesthetic medicine business and does not discuss (other thanbriefly) the business of our discontinued segments.  For further discussionrelated to discontinued operations, see "Item 7, Management Discussion andAnalysis of Financial Condition and Results of Operations" and Note T of thenotes to consolidated financial statements of this Form 10-K.  

 

Recent Events

On April 3, 2006, wesubmitted a pre-market approval application to the U.S. Food and DrugAdministration ("FDA") for our Contour Profile® silicone gel-filledbreast implant products ("CPGTM").  TheFDA has initiated its review of our application with the exception of ourclinical module, which based on discussions with FDA will require additionalinformation, and we are in the process of collecting that information.   

On March 20, 2006, wesigned a non-binding letter of intent with Niadyne, Inc. to distributeNiadyne's innovative NIA 24TM line of science-based cosmeceuticalproducts used to improve and restore the healthy appearance of the skin.  Webelieve that these cosmeceutical products will complement our facial aestheticsbusiness.  

On February 6, 2006, weannounced that, with respect to our Puragen PlusTM program in the U.S., we had identifiedpotential issues that required further evaluation of our clinical study dataand would result in a delay to our PMA submission timeline.  We performed this evaluation,and we concurrently reviewed some of our critical production processes.  Basedon the results of this evaluation we have developed a plan to move forward withour Puragen PlusTM PMA process, and are targeting to submit the first module toFDA in late summer or early fall this year, and to complete the submission inthe spring of 2007. 

OnJuly 28, 2005, we received an "approvable letter" withconditions from the FDA on our pre-market approval application for ourMemoryGelTM round silicone gel-filled breast implants.  Theapprovable letter stipulates a number of conditions which we must satisfy inorder to receive FDA approval to market and sell silicone gel-filled breastimplants in the United States.  These conditions were generally consistentwith those conditions that the advisory panel, composed of outside expertsselected by the FDA, had recommended in their April 2005 review of our PMAapplication.  We remain in discussion with the FDA regarding the conditions forapproval of our MemoryGelTM breast implant pre-market approvalapplication, including discussions regarding post-market patient monitoring anddata collection.  We expect to incur additional expenses in connection withsuch post-market patient monitoring and data collection, which could besubstantial.  In addition, we cannot guarantee that the FDA will provide finalapproval, nor can we determine when the FDA's decision regarding approval willbe made.   

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Principal Products and Markets

 

Ouraesthetic medicine products fall into three general categories: breastimplants, body contouring, and other aesthetics which includes facial aestheticsproducts.  Net sales for each of these product categories and thepercentage contributions of such net sales to total net sales are as follows:

 

|                                                                          | Year Ended March 31, |
|--------------------------------------------------------------------------|----------------------|
|                                                                          | **2006**             | 2005 | 2004 |
| (in  thousands)                                                          | **Amount**           | **%** | Amount | % | Amount | % |
| Breast  implants                                                         | **$**                | **233,189 ** | **87.0%** | $ | 217,420  | 86.4% | $ | 194,052  | 88.8% |
| Body  contouring                                                         | **17,782 **     | **6.6%** | 18,609  | 7.4% | 15,276  | 7.0% |
| Other  aesthetics, including non-     surgical facial products | **17,301 **     | **6.4%** | 15,697  | 6.2% | 9,109  | 4.2% |
| Total                                                                    | **$**                | **268,272 ** | **100.0%** | $ | 251,726  | 100.0% | $ | 218,437  | 100.0% |

 

Wedevelop, produce, and market a broad line of breast implants, includingsaline-filled implants and silicone gel-filled (MemoryGelTM) implants.  Ourbreast implants consist of a silicone elastomer shell that is either filledduring surgery with a saline solution or pre-filled during the manufacturingprocess with silicone gel.  Our MemoryGelTM products come in varyingdegrees of cohesiveness.  Additionally, all of our implants have either asmooth or textured surface and are provided in a variety of sizes and shapes tomeet the varying preferences of patients and surgeons.    

 

Mammaryprostheses have applications in both cosmetic and reconstructive plasticsurgery procedures.  These prostheses are used in augmentation procedures toenhance breast size and shape, correct breast asymmetries and help restorefullness after breast feeding.  During reconstruction procedures, mammaryprostheses are utilized as a surgical solution to create a breast moundfollowing a mastectomy.  Breast reconstruction is a surgical option formany women following a mastectomy, either at the time of surgery or a laterdate. 

 

Wecarry a full line of breast reconstruction products including the ContourProfile Tissue Expander (CPX®) family of breast expanders.  Theseexpansion products, used in the first-stage of a two-stage breast reconstruction,create a pocket that will ultimately hold the breast implant that is placed ina subsequent second-stage operation.  All of the CPX devices utilize ourproprietary BufferZoneTM self-sealing technology and CenterscopeTMinjection port locators.  We also are the industry leader for single-stagebreast reconstruction procedures, with our line of smooth and textured Beckerimplants, which are designed to be used as both an expander and a permanent implant.

 

Weoffer a line of extremity tissue expanders.  Extremity tissue expansioninvolves the process of growing additional tissue for reconstruction and skingraft procedures.  Some of the major applications of extremity tissueexpansion include the correction of disfigurements such as burns, large scarsand congenital deformities.

 

Withrespect to body contouring, we market through our subsidiary, Byron Medical,Inc., a complete line of liposuction products and disposable supplies. 

 

Infiscal 2005, we established two new business lines in the aesthetics arena,which we categorize under "other aesthtics": Mentor Solutions and Facial Aesthetics. We had previously acquired a company called Inform Solutions and during fiscal2005 combined it into a new business called Mentor Solutions.  The MentorSolutions group offers software, consulting and business management tools tohelp plastic surgeons grow their business.

 

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Inthe Facial Aesthetics area, we launched our new dermal filler product, PuragenTM,in a variety of international markets in May 2005 and have received additionalinternational approvals throughout 2005.  PuragenTM is our proprietarynon-animal based, hyaluronic acid dermal filler.  In February 2006, weannounced that, with respect to our Puragen PlusTM program in the U.S., we had identifiedpotential issues that required further evaluation of our clinical study dataand would result in a delay to our PMA submission timeline.  We performed thisevaluation, and we concurrently reviewed some of our critical productionprocesses.  Based on the results of this evaluation we have developed a plan tomove forward with our Puragen PlusTM PMA process, and are targeting to submitthe first module to FDA in late summer or early fall this year, and to completethe submission in the spring of 2007. 

 

Weare developing a next-generation botulinum toxin type A product based onproprietary technology that yields a formulation designed to be purer thanother commercially available botulinum toxin products.  During fiscal 2005, weinitiated the United States phase 1 dose escalation study for cosmeticindications and during fiscal 2006 we initiated the United Statesphase 2 dose-finding study for cosmetic indications, and all patients in thePhase 2 study have been enrolled.  In addition, in early fiscal 2007 weinitiated the United States phase 1 dose-escalation study focused on thetreatment of adult-onset spasmodic torticollis/cervical dystonia.  

In March 2006, we signed anon-binding letter of intent with Niadyne Inc., to distribute Niadyne'sinnovative NIA 24TM line of science-based cosmeceutical products usedto improve and restore the healthy appearance of the skin. 

* *Sales and Marketing

 

Weemploy a domestic sales force for our aesthetic surgery and body contouringproduct lines.  The sales force provides product information and specificdata support and related services to physicians, nurses and other health careprofessionals.  We promote our products through participation in andsponsorship of medical conferences and educational seminars, radio, newspaper,specialized websites, journal advertising, direct mail programs, and a varietyof marketing support programs.  In fiscal 2005, we launched the firstprimetime advertising campaign in the industry for our saline breast implantproducts.  We ran commercials on ABC's *Extreme Makeover* program for the 2004/05season while at the same time launching our *Mentor4me.com* patienteducation program designed to help educate interested women about breastaugmentation surgery and help them locate surgeons.  During fiscal 2005 andinto the beginning of fiscal 2006 these commercials also ran during ABC's Daytimeprogramming and ABC's *Desperate Housewives*program.  In addition, wecontribute to organizations that provide counseling and education for personssuffering from certain conditions, and we provide patient education materialsfor most of our products to physicians for use with their patients.  

 

International Operations

 

Weexport most of our product lines, principally to Canada, Western Europe,Central and South America, and the Pacific Rim.  Products are sold throughour direct international sales offices in Canada, the United Kingdom, Germany,France, Benelux, Australia, Spain, Portugal and Italy, as well as throughindependent distributors in other countries.  Total foreign net sales,which are made through distributors and direct international sales offices, forcontinuing operations were $75.5 million, $65.2 million, and $55.0 million infiscal 2006, 2005 and 2004, respectively.  Other than sales made throughour international sales offices, which are denominated in the local currency ofthe sales office, export sales are made in United States dollars.  

 

Inaddition, we manufacture mammary implants in The Netherlands and facialproducts in the United Kingdom.  Total long-lived assets, excluding thoserelated to discontinued operations, located in foreign countries were $29.5 million,$30.5 million, and $30.9 million as of March 31, 2006,2005 and 2004, respectively.  

 

Foradditional information regarding our international operations, see "Note U -Business Segment Information" of the "Notes to the Consolidated FinancialStatements."

 

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Competition

 

Webelieve we are one of the leading suppliers of cosmetic and reconstructivesurgery products.  This belief is based upon information developedinternally, public information sources, and information from independentresearch studies of market share. 

 

Inthe domestic breast implant market, we compete primarily with one othercompany, Allergan Inc., which acquired Inamed Corporation in March 2006. The primary competitive factors in this market currently are productperformance and quality, range of styles and sizes, proprietary design,warranty programs, customer service and, in certain instances, price.  Outsidethe U.S., we compete with Allergan and various smaller competitors.  

 

GovernmentRegulations

* *

*General*

 

As amanufacturer of medical devices and developer of biologic products, ourmanufacturing processes and facilities are subject to continuing review by theFDA and various state and international agencies ("Agencies").  TheseAgencies inspect our processes and facilities from time to time to determinewhether we are in compliance with various regulations relating to manufacturingpractices and other requirements.  These Agencies have the power toprevent or limit further marketing of products based upon the results of theseinspections.  These regulations depend heavily on administrativeinterpretation.  There can be no assurance that future interpretations made bythese Agencies will not adversely affect us.  Failure to comply with theseAgencies' regulatory requirements may result in enforcement action by theseAgencies, including product recalls, suspension or revocation of productapproval, seizure of product to prevent distribution, imposition of injunctionsprohibiting product manufacture or distribution, and civil or criminalpenalties.  

 

Advertisingand promotion of medical devices and biologic products are regulated by the FDAand the Federal Trade Commission ("FTC") in the U.S. and by analogousagencies internationally.  A determination that we are in violation ofregulatory requirements governing promotional activities could lead toimposition of various penalties, including warning letters, product recalls,injunctive relief, and civil or criminal penalties.

 

Productsand materials manufactured internationally may come under Homeland Securitystatutes from time to time and could be considered for restricted entry intothe United States by FDA and U.S. Customs.  The restricted entry of suchproducts and materials could affect the manufacturing and sale of productdomestically and internationally.  Our products may also be subject to exportcontrol regulations.

 

*Regulationof Medical Devices*

 

Underthe Federal Food, Drug, and Cosmetic Act ("FDCA") as amended, the FDA has theauthority to adopt regulations that: (i) set standards and general controls formedical devices; (ii) require demonstration of safety and effectiveness orother forms of data support prior to marketing devices which the FDA requirespre-market approval or clearance; (iii) require test data to be submitted tothe FDA prior to evaluation in humans; (iv) permit detailed inspections ofdevice manufacturing facilities; (v) establish Good Manufacturing Practices("GMPs"), now referred to as the Quality System Regulation ("QSR")that must be followed in device and biologic manufacture; (vi) requirereporting of certain adverse events, device malfunctions, and other post-marketinformation to the FDA; and (vii) prohibit device or biologic exports that donot meet certain requirements.  The FDA also regulates promotionalactivities by device companies.  Essentially all of our products currentlymarketed are medical devices and are therefore subject to FDA regulation in theU.S. and analogous foreign agencies for the international countries to which weexport our products.  We expect the products, such as Puragen PlusTM,that we are developing to also be subject to FDA regulation as either biologicsor medical devices.

 

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TheFDCA established complex procedures for FDA regulation of devices. Devices are placed in three classes:  Class I (general controls topreclude misbranding or adulteration, compliance with labeling and otherrequirements), Class II (special controls and FDA clearance in addition togeneral controls), and Class III (a pre-market approval application ("PMA")before commercial marketing).  Class III devices are the most extensively regulated. Class III devices require each manufacturer to submit to the FDA a PMA thatincludes information demonstrating the safety and effectiveness of thedevice.  The majority of our aesthetic surgery products are in Class III. 

 

In1991, we submitted a PMA for our silicone gel-filled mammary prostheses to theFDA.  In 1992, the FDA's outside advisory panel on aesthetic surgeryproducts indicated that although there was insufficient data to establish withreasonable certainty that silicone gel implants were safe and effective, therewas a public health need for these types of implants.  Adopting therecommendations of the panel, the FDA denied the pending applications for theuse of silicone gel-filled breast implants for augmentation, but provided forthe continued availability of the implants for reconstruction and revisionpurposes on the basis of a public health need.  Since 1992, women havebeen required to enroll in a clinical program for future follow-up in order to receivegel-filled implants for reconstruction.  Patients are required to sign aninformed consent form and physicians must certify that saline implants are nota satisfactory alternative.  We continue to ship these products under theterms of this clinical program, and these shipment activities require devicetracking and documentation support to ensure compliance and accountability.

 

In1994, the FDA published proposed guidelines for the PMA applicable to oursaline-filled breast implants.  We submitted all the required data for oursaline implants, and the FDA approved our application on May 10, 2000. In conjunction with its review of the data, the FDA inspected our manufacturingfacility in Irving, Texas and indicated the facility was in substantial compliancewith the applicable regulations.  

In December 2003, wecompleted the submission of our PMA application for our MemoryGelTM roundsilicone gel-filled breast implants to the FDA for breast augmentation,reconstruction and revision.  The FDA indicated that our PMA "issufficiently complete to permit a substantive review and is, therefore,suitable for filing."  On January 8, 2004,the FDA released a "Draft Guidance for Saline, Silicone Gel, and AlternativeBreast Implants."  This new draft guidance has additional requirementsfrom the FDA's previously issued guidance document dated February 2003.  InAugust 2004, we amended our PMA based on January 2004 revised (new) FDA draftguidance and responded to other issues raised by the FDA.  On April 11-13, 2005,an advisory panel composed of outside experts selected by the FDA met toconsider questions presented to it by the FDA regarding our and ourcompetitor's PMA submissions and to make a recommendation to the FDA regardingwhether the PMA applications should be approved.  In a majority 7-2 vote, the panelrecommended approval of our PMA submission to the FDA, with conditions.  On July 28, 2005, wereceived an "approvable letter" with conditions from the FDA on ourPMA application.  The approvable letter stipulates a number of conditionswhich we must satisfy in order to receive FDA approval to market and sellsilicone gel-filled breast implants in the United States.  Theseconditions were generally consistent with those conditions that the advisory panelhad recommended.  We remain in discussion with the FDA regarding theconditions for approval of our MemoryGelTM breast implant PMAapplication, including discussions regarding post-market patient monitoring anddata collection.  We expect to incur additional expenses in connection withsuch post-market patient monitoring and data collection, which could be substantial. We cannot guarantee that the FDA will provide final approval, nor can wedetermine when the FDA's decision regarding approval will be made.  

On April 3, 2006, wesubmitted a pre-market approval application to the U.S. Food and DrugAdministration ("FDA") for our Contour Profile® silicone gel-filledbreast implant products ("CPGTM").  TheFDA has initiated its review of our application with the exception of ourclinical module, which based on discussions with FDA will require additionalinformation, and we are in the process of collecting that information.

Wealso have two pending applications for Medical Device Licenses in Canada forour silicone gel-filled breast implants.  An expert advisory panel was convenedby the Canadian government on March 22, 2005to review our pending application for Medical Device Licenses.  Health Canadaheld a public forum on these devices September 29, 2005. We cannot predict the timing or outcome of the review and forum or determinewhen or if Health Canada will approve our product applications.  

 

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*Biologics*

 

Certainother products being developed by us are regulated by the FDA as biologicsunder the Public Health Service Act requiring pre-marketing approval, and aresubject to regulations and requirements on preclinical and clinical testing,manufacture, labeling, quality control, storage, advertising, promotion,marketing, distribution, and export.  Prior to commercial sale of abiologic, a Biologics License Application ("BLA") that includesresults from required, well-controlled clinical trials to establish the safetyand effectiveness for the product's intended use, and specified manufacturinginformation, must be submitted to and approved by the FDA.  FDA inspectionof the manufacturing facility during review of the BLA is required to ensurethat manufacturing processes conform to FDA-mandated GMPs.  Continuedcompliance with GMPs is required after product approval, and post-approvalchanges in manufacturing processes or facilities, product labeling, or otherareas require FDA review and approval.  We are also subject to regulationby the U.S. Department of Health and Human Services, Centers for DiseaseControl, due to the nature of the biological agent used to manufacture ourbotulinum toxin product, *Clostridium botulinum* type A, which is still inthe development phase.  Failure to comply with the regulations and requirementsof these various agencies could affect our ability to manufacture products andmay have a significant negative future impact on sales and results ofoperations.

 

Wehave incurred, and will continue to incur, substantial costs relating tolaboratory and clinical testing of new and existing products and thepreparation and filing of documents required by the FDA for productapproval.  The process of obtaining marketing clearance and approvals fromthe FDA can be time consuming and expensive, and there is no assurance thatsuch clearances or approvals will be granted.  We also may encounterdelays in bringing new products to market as a result of being required by theFDA to conduct and document additional investigations of product safety andeffectiveness, which may adversely affect our ability to commercializeadditional products or additional applications for existing products.

 

*AdditionalRegulations*

 

As amanufacturer of medical devices and biologics, our manufacturing processes andfacilities are subject to regulation and review by international regulatoryagencies for products sold internationally. 

 

Amedical device may only be marketed in the European Union ("EU") ifit complies with the Medical Devices Directive (93/42/EEC)("MDD") and bears the CE mark as evidence of that compliance. To achieve this, the medical devices in question must meet the "essentialrequirements" defined under the MDD relating to safety and performance,and we as manufacturer of the devices must undergo verification of ourregulatory compliance by a third party standards certification provider, knownas a "Notified Body".  We have obtained CE marking for ourproducts sold in the EU by demonstrating compliance with the MDD and ISO13485 2003international quality system standards.  Medical device laws andregulations are also in effect in some of the other countries to which weexport our products.  These range from comprehensive device approvalrequirements for some or all of our medical device products, to requests forproduct data or certifications.  Failure to comply with theseinternational regulatory standards and requirements, and to changes in theinternational quality system standards, could affect our ability to market andsell products in these markets and may have a significant negative impact onsales and results of operations. 

 

Additionalproducts in the area of biologics are being developed, which will be regulatedas medicinal products in the EU and as such will require a marketing authorizationbefore they can be introduced into the market.  There are two routes bywhich this can be achieved: the centralized procedure whereby an approvalgranted by the European Commission permits the supply of the product inquestion throughout the EU, or the Mutual Recognition Procedure("MRP") where a marketing authorization granted by one nationalauthority is recognized by the authorities of the other member states in whichwe intend to supply the products.  The centralized procedure is compulsoryfor biotechnology products and is optional for certain high-technologyproducts.  All such products which are not authorized by the centralizedroute must be authorized by the MRP unless the product is designed for a singleEU country, in which case a national application can be made.  In eachcase, the application must contain full details of the product and the researchthat has been carried out to establish its efficacy, safety and quality.

 

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Ourpresent and future business has been and will continue to be subject to variousother laws and regulations, including state and local laws relating to suchmatters as safe working conditions and disposal of potentially hazardoussubstances.  We may incur significant costs in complying with such lawsand regulations now, or in the future, and any failure to comply may have amaterial adverse impact on our business.

* *

*EnvironmentalRegulation*

 

Weare subject to federal, state, local and foreign environmental laws andregulations.  Our manufacturing and research and development activities involvethe controlled use of potentially hazardous materials, chemicals and biologicalmaterials, which require compliance with various laws and regulations regardingthe use, storage, and disposal of such materials.  We believe that ouroperations comply in all material respects with applicable environmental lawsand regulations in each country where we have a business presence.  Although wecontinue to make expenditures for environmental protection, we do notanticipate any additional significant expenditures, in complying with such lawsand regulations, that would have a material impact on our earnings orcompetitive position.  We are not aware of any pending litigation orsignificant financial obligations arising from current or past environmentalpractices that are likely to have a material adverse effect on our financialposition.  We cannot provide any assurance, however, that environmentalclaims will not develop in the future including claims for indemnification,relating to our operations or properties owned or operated by us, or thoseproperties previously owned by us and divested as part of the transaction withColoplast, nor can we predict whether any such claims, if they were to develop,would require significant expenditures on our part.  There can be noassurance that violations of environmental health and safety laws will notoccur in the future as a result of the inability to obtain permits, humanerror, equipment failure or other causes, which could result in fines and penaltiesor adversely affect our operating results and harm our business. In addition,environmental laws could become more stringent over time, imposing greatercompliance costs and increasing risks and penalties associated with violations.

 

Weare subject to regulation by the United States Environmental Protection Agencyand other state and local environmental agencies in each of our domesticmanufacturing facilities.  For example, in Texas, we are subject toregulation by the local Air Pollution Control District as a result of some ofthe chemicals used in our manufacturing processes.  Failure to comply withthe regulations and requirements of these various agencies could affect ourability to manufacture our existing products or could result in a claim forindemnification and may have a significant negative impact on sales and resultsof operations, including discontinued operations.

 

Medicare, Medicaid and Third-Party Reimbursement

 

Healthcare providers that purchase medical devices, such as our products, generallyrely on third-party payors, including the Medicare and Medicaid programs andprivate payors, such as indemnity insurers, employer group health insuranceprograms and managed care plans, to reimburse all or part of the cost of theproducts.  In the United States, our aesthetics products are sold principally tohospitals, surgery centers and surgeons.  We invoice our customers and theyremit directly to us.  In some cases, the patient and the procedure may beeligible for reimbursement by third-party payors, including Medicare, Medicaidand other similar programs, but this coverage is invisible to us on acase-by-case basis.  However, we are aware that some of our customers arebeing reimbursed, in full or in part, for our products or for procedures thatutilize our products.  The majority of procedures that utilize our products arenot reimbursable by these third-party payors.   Nevertheless, reimbursementcan be a significant market factor when the product cost represents a majorportion of the total procedure cost and the reimbursement for that procedure(or alternative procedures) is changing, or influencing treatmentdecisions.  As a result, demand for our products is dependent in part onthe coverage and reimbursement policies of these payors.  The manner inwhich reimbursement is sought and obtained for any of our products varies basedupon the type of payor involved and the setting in which the product isfurnished and utilized by patients.

 

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Paymentsfrom Medicare, Medicaid and other third party payors are subject to legislativeand regulatory changes and are susceptible to budgetary pressures.  Someof our customers' revenues and ability to purchase our products and services istherefore subject to the effect of those changes and to possible reductions incoverage or payment rates by third-party payors.  Any changes in thehealth care regulatory, payment or enforcement landscape relative to ourcustomers' health care services may negatively affect our operations andrevenues.  Discussed below are certain factors which could have a negativeimpact on our future operations and financial condition.  It is difficultto predict the effect of these factors on our operations; however, the effectcould be negative and material.

 

*MedicareOverview*

 

Medicareis a federal program administered by the Centers for Medicare and MedicaidServices ("CMS"), formerly known as HCFA, through fiscalintermediaries and carriers.  Available to individuals age 65 or over, andcertain other classes of individuals, the Medicare program provides, amongother things, health care benefits that cover, within prescribed limits, themajor costs of most medically necessary care for such individuals, subject tocertain deductibles and co-payments.  There are three components to theMedicare program relevant to our business:  Part A, which covers inpatientservices, home health care and hospice care; Part B which covers physicianservices, other health care professional services and outpatient services; andPart C or Medicare Advantage, which is a program for managed care plans. 

 

TheMedicare program has established guidelines for the coverage and reimbursementof certain equipment, supplies and services.  In general, in order to bereimbursed by Medicare, a health care item or service furnished to a Medicarebeneficiary must be reasonable and necessary for the diagnosis or treatment ofan illness or injury or to improve the functioning of a malformed bodypart.  The methodology for determining (1) the coverage status of our products;and (2) the amount of Medicare reimbursement for our products, varies basedupon, among other factors, the setting in which a Medicare beneficiary receivedhealth care items and services.  Any changes in federal legislation,regulations and policy affecting Medicare coverage and reimbursement relativeto our products could have a material effect on our performance. 

 

Aportion of our revenue is derived from our customers who operate inpatienthospital facilities.  Acute care hospitals are generally reimbursed byMedicare for inpatient operating costs based upon prospectively determinedrates.  Under the Prospective Payment System, or PPS, acute carehospitals receive a predetermined payment rate based upon the Diagnosis-RelatedGroup, or DRG, into which each Medicare beneficiary stay is assigned,regardless of the actual cost of the services provided.  Certainadditional or "outlier" payments may be made to a hospital for casesinvolving unusually high costs.  Accordingly, acute care hospitalsgenerally do not receive direct Medicare reimbursement under PPS for thedistinct costs incurred in purchasing our products.  Rather, reimbursementfor these costs is deemed to be included within the DRG-based payments made tohospitals for the services furnished to Medicare-eligible inpatients in whichour products are utilized.  Because PPS payments are based on predetermined rates and areoften less than a hospital's actual costs in furnishing care, acute carehospitals have incentives to lower their inpatient operating costs by utilizingequipment, devices and supplies, including those sold by us, that will reducethe length of inpatient stays, decrease labor or otherwise lower theircosts.  Our product revenue could be affected negatively if acute carehospitals discontinue product use due to insufficient reimbursement, or ifother treatment options are perceived to be more profitable. 

 

*Medicare- Outpatient Hospital Setting*

* *

CMS implemented the hospital Outpatient ProspectivePayment System, or OPPS, effective July 1, 2000. OPPS is the current payment methodology for hospital outpatient services, amongothers.  Services paid under the OPPS are classified into groups calledAmbulatory Payment Classifications, or APC.  Services grouped within each APC are similarclinically and in terms of the resources they require.  A payment rate isestablished for each APC through the application of a conversion factor that CMS updates onan annual basis.  OPPS may cause providers of outpatient services withcosts above the payment rate to incur losses on such services provided toMedicare beneficiaries.  

 

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TheBalanced Budget Refinement Act of 1999 provides for temporary financial relieffrom the effects of OPPS through the payment of additional outlier payments andtransitional pass-through payments to outpatient providers reimbursed throughOPPS who qualify for such assistance.  Transitional pass-through paymentsare required for new or innovative medical devices, drugs, and biologicalagents.  The purpose of transitional pass-through payments is to allow foradequate payment of new and innovative technology until there is enough data toincorporate cost for these items into the base APC group.  Thequalification of a device for transitional pass-through payments istemporary.  

 

AnnuallyCMSproposes, and after consideration of public comment, implements changes to OPPSand payment rates for the following calendar year.  The OPPS methodologydetermines the amount hospitals will be reimbursed for procedures performed onan outpatient basis and determines the profitability of certain procedures forthe hospital and may impact hospital purchasing decisions.  

 

Wecannot predict the final effect that any change in OPPS regulations, includingfuture annual updates, will have on our customers or our revenues.  Anysuch effect, however, could be negative if APC groupings become less advantageous, reimbursementallowables decline, or if the OPPS is modified in any other manner detrimentalto our business.

 

*Medicaid*

 

TheMedicaid program is a cooperative federal/state program that provides medicalassistance benefits to qualifying low income and medically needy persons. State participation in Medicaid is optional and each state is given discretionin developing and administering its own Medicaid program, subject to certainfederal requirements pertaining to payment levels, eligibility criteria andminimum categories of services.  The coverage, method and level ofreimbursement varies from state to state and is subject to each state's budgetrestraints.  Changes to the coverage, method or level of reimbursement forour products may affect future revenue negatively if reimbursement amounts aredecreased or discontinued. 

 

*PrivatePayors*

* *

Manythird-party private payors, including indemnity insurers, employer group healthinsurance programs and managed care plans, presently provide coverage for thepurchase of our products.  The scope of coverage and payment policiesvaries among third-party private payors.  Furthermore, many such payorsare investigating or implementing methods for reducing health care costs, suchas the establishment of capitated or prospective payment systems.  Costcontainment pressures have led to an increased emphasis on the use ofcost-effective technologies and products by health care providers.  Futurechanges in reimbursement methods and cost control strategies may limit ordiscontinue reimbursement for our products and could have a negative effect onrevenues and results of operations.

* *

*HealthCare Fraud and Abuse Laws and Regulations*

 

Thefederal government has made a policy decision to significantly increase thefinancial resources allocated to enforcing the health care fraud and abuselaws.  Private insurers and various state enforcement agencies also haveincreased their level of scrutiny of health care claims and arrangements in aneffort to identify and prosecute fraudulent and abusive practices in the healthcare industry.  We monitor compliance with federal and state laws andregulations applicable to the health care industry in order to minimize thelikelihood that we would engage in conduct or enter into contracts that couldbe deemed to be in violation of the fraud and abuse laws.  The health carefraud and abuse laws to which we are subject include the following, amongothers:

 

 

* *

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*Federaland State Anti-Kickback Laws and Safe Harbor Provisions*

Thefederal anti-kickback laws make it a felony to knowingly and willfully offer,pay, solicit or receive any form of remuneration in exchange for referring,recommending, arranging, purchasing, leasing or ordering items or servicescovered by a federal health care program, including Medicare or Medicaid,subject to various "safe harbor" provisions.  The anti-kickbackprohibitions apply regardless of whether the remuneration is provided directlyor indirectly, in cash or in kind, and various state laws have similarprohibitions that are sometimes broader in nature.  Interpretations of thelaw have been very broad.  Under current law, courts and federalregulatory authorities have stated that the federal law is violated if even onepurpose (as opposed to the sole or primary purpose) of the arrangement is toinduce referrals.  A violation of the federal statute is a felony andcould result in civil and administrative penalties, including exclusion fromthe Medicare or Medicaid program, even if no criminal prosecution is initiated.

 

TheDepartment of Health and Human Services has issued regulations from time totime setting forth safe harbors, which would guarantee protection of certainlimited types of arrangements from prosecution under the statute if allelements of a particular safe harbor are met.  However, failure to fallwithin a safe harbor or within each element of a particular safe harbor doesnot mean that an arrangement is *per se*in violation of the federalanti-kickback laws.  As the comments to the safe harbors indicate, thepurpose of the safe harbors is not to describe all illegal conduct, but to setforth standards for certain non-violative arrangements.  If an arrangementviolates the federal anti-kickback laws and full compliance with a safe harborcannot be achieved, we risk greater scrutiny by the Office of the InspectorGeneral, ("OIG"), and, potentially, civil and/or criminalsanctions.  We believe our arrangements are in compliance with the federalanti-kickback laws, and analogous state laws; however, regulatory orenforcement authorities may take a contrary position, and we cannot assure thatthese laws will ultimately be interpreted in a manner consistent with ourpractices.

* *

*FederalFalse Claims Act** ***

*** ***

Weare subject to state and federal laws that govern the submission of claims forreimbursement.  The federal False Claims Act imposes civil liability onindividuals or entities that submit (or "cause" to be submitted)false or fraudulent claims to the government for payment.  Violations ofthe False Claims Act may result in civil monetary penalties for each falseclaim submitted treble damages and exclusion from the Medicare and Medicaidprograms.  In addition, we could be subject to criminal penalties under avariety of federal statutes to the extent that we knowingly violate legalrequirements under federal health programs or otherwise present (or cause to bepresented) false or fraudulent claims or documentation to the government. In addition, the OIG may impose extensive and costly corporate integrityrequirements upon a health industry participant that is the subject of a falseclaims judgment or settlement. These requirements may include the creation of a formal compliance program, theappointment of a government monitor, and the imposition of annual reportingrequirements and audits conducted by an independent review organization tomonitor compliance with the terms of any such compliance program, as well asthe relevant laws and regulations.  

 

TheFalse Claims Act also allows a private individual to bring a "quitam" suit on behalf of the government for violations of the False ClaimsAct, and if successful, the "qui tam" individual shares in thegovernment's recovery.  A qui tam suit may be brought, with only a fewexceptions, by any private citizen who has material information of a falseclaim that has not yet been previously disclosed.  Recently, the number ofqui tam suits brought in the health care industry has increaseddramatically.  In addition, several states have enacted laws modeled afterthe False Claims Act.

 

Underthe Deficit Reduction Act of 2005, Congress encouraged states to enact statefalse claims acts that are similar to the federal False Claims Act, including"qui tam" provisions.  As states enact such laws, the risk of being subject toa state false claims action will increase.

 

Additionally,the U.S. Foreign Corrupt Practices Act, to which we are subject, prohibitscorporations and individuals from engaging in certain activities to obtain orretain business or to influence a person working in an official capacity.  Itis illegal to pay, offer to pay, authorize to payment of anything of value toany foreign government official, government staff member, political party, orpolitical candidate in an attempt to obtain or retain business or to otherwiseinfluence a person working in an official capacity.  Our present and futurebusiness has been and will continue to be subject to various other laws, rules,and/or regulations.

 

 

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ProductDevelopment

 

Weare focused on the development of new products and improvements to existingproducts, as well as obtaining FDA approval of certain products and processes,and we maintain the highest quality standards of existing products. During fiscal years 2006, 2005 and 2004, we spent a total of $29.0 million, $25.2million and $ 21.1 million, respectively, for research and developmentprimarily in support of our silicone gel breast implant regulatory submissionsin the United States and Canada, laboratory testing and clinical studies forour hyaluronic acid-based dermal filler PuragenTM and our botulinum toxinproducts.

 

Patentsand Licenses

 

Itis our policy to protect our intellectual property rights relating to ourproducts whenever possible and appropriate.  Our patents and licenses relatingto continuing operations include those relating to tissue expanders, acombination breast implant and tissue expander (Becker implant), and bodycontouring (liposuction) equipment.  We believe that although our patentsand licenses are material in their totality, no single patent or license ismaterial to our business as a whole. 

 

Inthose instances where we have acquired technology from third parties, we havesought to obtain rights of ownership to the technology through the acquisitionof underlying patents or licenses.  While we believe design, development,regulatory and marketing aspects of the medical device business represent theprincipal barriers to entry into such business, we also recognize that ourpatents and license rights may make it more difficult for our competitors tomarket products similar to those we produce.  We can give no assurancethat our patent rights, whether issued, subject to license, or in process, willnot be circumvented, terminated, or invalidated.  Further, there arenumerous existing and pending patents on medical products andbiomaterials.  We can give no assurance that our current, former orplanned products do not or will not infringe such rights or that others willnot claim such infringement or that we will be able to prevent competitors fromchallenging our patents or entering markets currently served by us. 

 

Raw Material Supply and Single Source Suppliers

 

Weobtain certain raw materials and components for a number of our products fromsingle source suppliers, including our implant quality silicone elastomers andgel materials for mammary prostheses and certain components used for thoseprostheses.  We believe our sources of supply could be replaced ifnecessary, but it is possible that the process of qualifying new materialsand/or vendors for certain raw materials and components could cause aninterruption in our ability to manufacture our products and potentially have a materialnegative impact on sales.  No significant interruptions to raw materialsupplies occurred during fiscal 2006.

 

Oursaline-filled mammary implants and other products are available for sale in theUnited States under FDA approvals and/or clearances.  Gel-filledmammary implants are only available in the United  States as part of the adjunct clinicalstudy.  A change in raw material, components or suppliers for products mayrequire a new FDA submission, and subsequent review and approval.  Thereis no assurance that such a submission would be approved without delay, or atall.  Any delay or failure to obtain approval may have a significantadverse impact on our sales and results of operations.  

 

Inconnection with the sale of our Urology Business to Coloplast, we have enteredinto a supply agreement with Coloplast for certain components of our breastimplant products.  For the short-term, Coloplast would be our sole source forthese components, and if we were unable to obtain this supply, our businesswould be harmed.  We may determine that we do not want to continue to purchaseproducts from Coloplast or Coloplast may be unable to meet our needs in atimely manner, either of which may disrupt our business during the period wenegotiate a supply agreement with, and qualify the manufacturing process of, athird party or begin production of the components ourselves.    

 

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Seasonality

 

Ourquarterly results reflect slight seasonality, as the second fiscal quarterending September 30 tends to have the lowest revenue of all of thequarters.  This is primarily due to lower levels of sales of breastimplants for augmentation, an elective procedure, as surgeons and patients tendto take vacation, particularly in Europe, during this quarter.

 

WorkingCapital

 

Wemaintain normal industry levels of inventory for our business.  Thisincludes significant consignment inventories of our aesthetics products to aidthe surgeon in correctly sizing an implant to meet patient needs and to reducethe rate of returns of products that are purchased in order to facilitatesizing options.  Inventories are managed to levels consistent with highlevels of customer service.  Additionally, new product introductionsrequire inventory build-ups to ensure success. 

 

Ouraccounts receivable credit terms are consistent with normal industry practicesin the markets that we sell our products.  Aesthetic surgery productreturn policies allow for product returns for full or partial credit for up tosix months.  It is common practice to order additional quantities andsizes to facilitate correct sizing to meet patient needs.  Consequently,product return rates are high but are considered to be consistent with theindustry rates.  See "Application of Critical AccountingPolicies - Revenue Recognition" of "Management's Discussion andAnalysis of Financial Condition and Results of Operations." 

 

Employees

 

Asof March 31, 2006, we employed approximately 950 people in ourcontinuing operations, of whom 490 were in manufacturing, 202 in sales andmarketing, 82 in research and development and 176 in finance andadministration.  Including the discontinued operations (surgical urology andclinical and consumer healthcare segments), at March 31, 2006, we employed atotal of approximately 2,040 people, of whom 1,075 were in manufacturing, 525in sales and marketing, 123 in research and development and 317 in finance andadministration.  We have never had a work stoppage due to labor difficulties,and we consider our relations with our employees to be satisfactory.

Discontinued Operations 

OnMay 17, 2006, we entered into a definitive Purchase Agreement withColoplast for the sale of our surgical urology and clinical and consumerhealthcare business segments for total consideration of $463,225,000, of which$456,137,500 is in cash and $7,087,500 in non-cash consideration consisting ofthe value of certain foreign tax credits that Mentor expects to realize arisingfrom the transaction prior to the close.  On June 2, 2006, we completedthis sale to Coloplast.  The Purchase Agreement provides, among other things,that we will not enter into or engage in a business that competes with thebusiness as sold, on a worldwide basis, for a period of seven years followingthe closing.  This restriction on competition does not apply to(i) development, manufacture or sale of any oral pharmaceuticals or any productor treatments involving dermal fillers or other bulking agents or toxins,including botulinum toxins, or (ii) any businesses acquired and operatedby us or our affiliates for so long as such competing businesses generate lessthan $5 million in aggregate annual revenues.  These restrictions oncompetition terminate upon a change in control of Mentor.  On June 1, 2006, ourPorges SAS subsidiary sold certain intellectual property to Coloplast for$52 million which is included in the total consideration.  In connection withthe sale, we entered into a Transition Services Agreement ("TSA") and varioussupply agreements.  Pursuant to the TSA, in exchange for specified fees, we will provide toColoplast, and Coloplast will provide to us, services including accounting, regulatory,clinical, information technology, customer support and use of facilities.  Underthe supply agreements, we will supply various products, including silicone gel-filledtesticular implants to Coloplast and Coloplast will supply to us variouscomponent products to us.  Coloplast will reimburse us for certain fees and expensesrelated to the services we perform under the TSA.  Certain of these servicesthat we will provide are expected to extend for a periodof up to 12 months, and the supply agreements range from a period of 6 - 36months.  On June 2, 2006, we also completed the sale of our intellectualproperty, raw materials and tangible assets for the production of silicone maleexternal catheters relating to our catheter production facility in Anoka, Minnesota andour inventory of such catheters to Rochester Medical Corporation, for anaggregate purchase price of approximately $1.6 million.  

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Ourformer surgical urology segment included surgically implantable prostheses forthe treatment of impotence, surgically implantable incontinence products,urinary care products, and brachytherapy seeds for the treatment of prostatecancer.  Our former clinical and consumer healthcare products includedcatheters and other products for the management of urinary incontinence andretention.  The surgical urology and clinical and consumer healthcare segmentssold to Coloplast contributed approximately 47% of our pre-divestitureconsolidated net sales and approximately 27% of our operating profit in fiscal2006.  Net assets held for sale comprised approximately 51% of  totalpre-divestiture net assets in fiscal 2006. 

Executive Officers of the Registrant

Our executive officers as of June 11, 2006 arelisted below, followed by brief accounts of their business experience andcertain pertinent information as of that date. 

| Name                  | Age | Position                                               |
|-----------------------|-----|--------------------------------------------------------|
| Joshua H. Levine      | 47  | President and Chief  Executive Officer                 |
| Loren L. McFarland    | 47  | Vice President, Chief  Financial Officer and Treasurer |
| David J. Adornetto    | 44  | Vice President,  Operations                            |
| Kathleen M. Beauchamp | 41  | Vice President, Sales  and Marketing                   |
| A. Christopher Fawzy  | 36  | Vice President, General  Counsel and Secretary         |

 

**JoshuaH. Levine** has served as the Presidentand Chief Executive Officer and a director since May 2004.  He was Presidentand Chief Operating Officer from December 2003 to May 2004, Senior VicePresident, Global Sales and Marketing from June 2002 to December 2003, VicePresident Domestic Sales and Marketing for Aesthetic Products from September2000 to June 2002, assuming global responsibilities for all of aesthetic salesand marketing activities in November 2001.  He joined us as Vice President,Sales, Aesthetic Products from October 1996 to September 1998.  During hisearly tenure with us, Mr. Levine resigned his position as Vice President, Salesand Marketing, Aesthetics Products which he held from September 1998 to January2000, to join a start-up practice management organization, The Plastic SurgeryCompany, where he was Chief Development Officer until his resignation inSeptember 2000.  (More than a year after his resignation, in March 2002, ThePlastic Surgery Company filed a voluntary petition in bankruptcy under Chapter11 of the U.S. Bankruptcy Code.)  Prior to his employment with us, Mr. Levinewas employed by Kinetics Concepts, Inc., a specialty medical equipmentmanufacturer, in a variety of executive level sales and marketing positions,ultimately serving as Vice President and General Manager of KCI Home HealthCare Division from 1989 to 1996.  Mr. Levine earned his bachelor's degree inCommunications from University of Arizona, Tucson.

**Loren L. McFarland** has served as Chief Financial Officer and Treasurersince May 2004.  He was Vice President of Finance and Corporate Controller from2001 to May 2004, Controller from 1989 to 2001, Assistant Controller from 1987to 1989 and General Accounting Manager from 1985 to 1987.  Prior to his employmentwith us, Mr. McFarland was employed by Touche Ross and Co., a publicaccounting firm, as a Certified Public Accountant and auditor from 1981 to1985.  Mr. McFarland earned his bachelor's degree in Business Administrationand Accounting from the University of North Dakota and a master'sdegree in Business Administration from the University of California at Los Angeles.

**David J. Adornetto** has served as Vice President, Operations sinceDecember 2003.  He was Corporate Vice President of Strategic Planning andOperational Development from August 2002 to December 2003, Vice PresidentFinance for the Company's subsidiary, Mentor Medical Inc. from May 1999 toAugust 2002, Director of Finance for the Company's Manufacturing OperationsDivision from May 1997 to May 1999 and has held various other managementpositions since joining us in 1992.  Prior to his employment with us, Mr.Adornetto was employed by Deloitte & Touche as a senior auditor.  He is aCertified Public Accountant and earned his master's degree in BusinessAdministration from the University of California at Los Angeles.  

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**Kathleen M. Beauchamp**has served as Vice President Sales & Marketingsince December 2003 and as an officer since July 2004.  She was Vice Presidentof Aesthetic Sales between April 2002 and December 2003, and Director of Sales,Domestic Aesthetics from January 2000 to April 2002.  Ms. Beauchamp has servedas an Aesthetics sales representative, National Sales Trainer, RegionalManager, and National Sales Manager since her employment with us in May 1993,and has 20 years of experience in the healthcare industry, includingpharmaceutical and biotechnology.  Ms. Beauchamp is a graduate of Santa Clara University.

**A. Christopher Fawzy** has served as Vice President, General Counsel, andSecretary since October 2005.  He was promoted to General Counsel in December2003 and appointed to the office of Secretary in July 2004.  He was CorporateCounsel, responsible for all legal functions of the Company from February 2002to December 2003, and a Staff Attorney, responsible for the Company'scontractual arrangements, commercial and product litigation, and general legalcompliance from January 2001 to February 2002.  Prior to his employment with us,Mr. Fawzy practiced law at Casey & Brannen, P.C., an Illinois-based lawfirm, where he focused on commercial and civil litigation.  He earned hisbachelor's degree in Economics from the University of Illinois, and his Doctorate of Jurisprudence from NorthernIllinois University College of Law.  Mr. Fawzy is a member of the State Bar ofIllinois and is a Registered In-House Counsel member of the State Bar of California.

Available Information

Wefile with the Securities and Exchange Commission ("SEC") our annual report onForm 10‐K, quarterly reports on Form 10-Q, current reports onForm 8-K, and all amendments to those reports, proxy statements andregistration statements.  The public may read and copy any material we filewith the SEC at the SEC's Public Reference Room at 100 F. Street, N.E., Room 1580, Washington, D.C.  20549.  The public may also obtaininformation on the operation of the Public Reference Room by calling the SEC at1-800-SEC-0330.  In addition, the SEC maintains its Internet site at http://www.sec.govthat contains reports, proxy and information statements and other informationregarding registrants, including us, that file electronically.

Ourprimary web site is http://www.mentorcorp.com. We make available free of charge, on or through this web site, our annual,quarterly and current reports and any amendments to those reports, as soon asreasonably practicable after electronically filing such reports with the SEC. In addition, copies of the written charters for the committees of our Board ofDirectors, our Corporate Governance Guidelines, our Code of Ethics for SeniorFinancial Officers, and our Code of Business Conduct and Ethics are alsoavailable on this web site, and can be found under the Investor Relations andCorporate Governance links.  Copies are also available in print, free ofcharge, by writing to Mentor Corporation, 201 Mentor  Drive, Santa Barbara, CA  93111,Attn:  Investor Relations.  We may post amendments or wavers aboutour Code of Ethics for Senior Financial Officers and Code of Business Conductand Ethics, if any, on our web site.  This web site address is intended to bean inactive textual reference only, and none of the information contained onour web site is part of this report or is incorporated in this report byreference.

**Forward-LookingInformation Under the Private Securities Litigation Reform Action of 1995**

The Private SecuritiesLitigation Reform Act of 1995 provides a "safe harbor" forforward-looking statements.  The Act was designed to encourage companiesto provide prospective information about them without fear of litigation. The prospective information must be identified as forward-looking and must beaccompanied by meaningful cautionary statements identifying important factorsthat could cause actual results to differ materially from those projected inthe statements.  The statements about our business, plans, strategies,intentions, expectations and prospects contained throughout this document arebased on current expectations.  These statements are forward-looking andactual results may differ materially from those predicted as of the date ofthis report in the forward-looking statements, which involve risks anduncertainties.  In addition, past financial performance is not necessarilya reliable indicator of future performance and investors should not usehistorical performance to anticipate results or future period trends.  Weundertake no obligation to revise or update publicly any forward-lookingstatements for any reason, even if new information becomes available or otherevents occur in the future.

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**ITEM 1A.   RISK FACTORS.**

Our business faces manyrisks.  The risks described below may not be the only risks we face. Additional risks that we do not yet know of or that we currently think areimmaterial may also impair our business operations.  If any of the eventsor circumstances described in the following risks actually occurs, ourbusiness, financial condition or results of operations could suffer and thetrading price of our common stock or our convertible notes could decline. Youshould consider the following risks before deciding to invest in our commonstock or convertible notes. 

***Significant productliability claims or product recalls may force us to pay substantial damageawards and other expenses that could exceed our accruals and insurancecoverages.***

The manufacture and sale ofmedical devices exposes us to significant risk of product liabilityclaims.  In the past, and currently, we have had a number of productliability claims relating to our products, and we may be subject to additionalproduct liability claims in the future, some of which may have a negativeimpact on our business.  If a product liability claim or series of claimsis brought against us for uninsured liabilities or in excess of our insurancecoverage, our business could suffer.  Some manufacturers that sufferedsuch claims in the past have been forced to cease operations or even to declarebankruptcy. 

Additionally, we offerproduct replacement and certain financial assistance for surgical proceduresthat fall within our limited warranty and coverage period of implantation onour breast implant products, and we accrue for those limited warranties.  Suchaccruals are based on estimates, taking into consideration relevant factorssuch as historical experience, warranty period, estimated costs, existence andlevels of insurance and insurance retentions, identified product qualityissues, if any, and, to a limited extent, information developed by theinsurance company using actuarial techniques.  We assess the adequacy ofthese accruals periodically and adjust the amounts as necessary based on actualexperience and changes in future expectations.  We also recently expanded ourlimited warranty programs to provide certain financial assistance for surgicalprocedures within ten years of implantation (increased from five years) andexpanded the program coverage to include breast implant sales in European andcertain other countries, in addition to the United  States.  Changes to actual warrantyclaims incurred could have a material impact on the actuarial analysis, whichin turn could materially impact our reported expenses and results ofoperations.

In addition to productliability or warranty claims, we could experience a material design ormanufacturing failure, a quality system failure, other safety issues, orheightened regulatory scrutiny that would warrant a recall of products wemanufacture or are manufactured by another company and we distribute.  A recallof some of our products could result in exposure to additional productliability claims, significant expense to perform the recall and lost sales.

***We are subject tosubstantial government regulation, which could have a material adverse affecton our business.***

The production and marketingof our products and our ongoing research and development activities, includingpre-clinical testing and clinical trial activities, are subject to extensiveregulation and review by numerous governmental authorities both in the U.S. andabroad.  Most of the medical devices we develop must undergo rigorouspre-clinical and clinical testing and an extensive regulatory approval processbefore they can be marketed.  Certain of our products are required toundergo review by a panel of outside experts selected by the FDA, which makes arecommendation to the FDA as to whether the product(s) should or should not beapproved.  This process makes it potentially longer, more difficult and/ormore costly to bring our products to market, and we cannot guarantee that anyof our unapproved products will be approved or how long it may take for any oneparticular product to be approved.  The pre-marketing approval process canbe particularly expensive, uncertain and lengthy, and a number of devices for which FDAapproval has been sought by other companies have never been approved for marketing. In addition to testing and approval procedures, extensive regulations alsogovern manufacturing, packaging, labeling, storage, distribution,record-keeping, advertising, and marketing procedures.  If we do notcomply with applicable regulatory requirements, such violations could result innon-approval, suspensions of clinical trials, suspension or withdrawal ofregulatory approvals, product recalls, civil penalties and criminal fines,product seizures, operating restrictions, injunctions, and criminalprosecution. 

 

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Delays in, withdrawal, orrejection of the FDA or other government entity approval(s) of our products,including a delay in or rejection of the approval of our round siliconegel-filled breast implant pre-market approval application ("PMA") or asignificant delay in acceptance of the clinical module of our Contour ProfileGel PMA, or any significant delays in our PMA filings, including our Puragen PlusTMPMA, may also adversely affect our business.  Such delays, withdrawals, orrejections may be encountered due to, among other reasons, government orregulatory delays, lack of demonstrated safety or efficacy during clinicaltrials, safety issues, manufacturing issues, slower than expected rate ofpatient recruitment for clinical trials, inability to follow patients aftertreatment in clinical trials, inconsistencies between early clinical trialresults and results obtained in later clinical trials, varying interpretationsof data generated by clinical trials, or changes in regulatory policy or requirementsin the U.S. and abroad.  In the U.S., there has been a continuing trend toward morestringent FDA requirements in the areas of product approval and enforcement,causing medical device manufacturers to experience longer research anddevelopment timelines, longer approval cycles, greater risk and uncertainty,and higher expenses.  Internationally, there is a risk that we may not besuccessful in meeting the quality standards or other certificationrequirements.  Even if regulatory approval of a product is granted, suchapproval may entail limitations on uses for which the product may be labeledand promoted, stringent post-marketing requirements, or may prevent us frombroadening the uses of our current products for different applications.  Ifwe incur significant expenses, for example, in connection with post-marketpatient monitoring and data collection activities for our silicone gel-filledbreast implants, this could have a material adverse effect on our results ofoperations.  In addition, to the extent permissible by law, we may not receiveFDA approval to export our products in the future, and countries to whichproducts are to be exported may not approve them for import.  We may also berequired to withdraw or recall our products after we receive approvals andbegin commercial sales if we, the FDA or a foreign government agency determinesthat there is a higher than average incidence of post-treatment complicationswith our products as a result of subsequent clinical experience and/or data.  Fromtime to time, we are subject to inquiry by government agencies in this regard. 

Our manufacturing facilitiesalso are subject to continual governmental review and inspection.  The FDAhas stated publicly that compliance with manufacturing regulations will bescrutinized more strictly.  A governmental authority may challenge ourcompliance with applicable federal, state and/or foreign regulations.  Inaddition, any discovery of previously unknown problems with one of our productsor facilities may result in restrictions on the product or the facility,including, but not limited to, product recalls, withdrawal of the product fromthe market or other enforcement actions.

From time to time,legislative or regulatory proposals are introduced that, if implemented, couldalter the review and approval process relating to medical devices, or relatedto the sale of our products.  It is possible that the FDA or othergovernmental authorities will issue additional regulations, which could furtherreduce or restrict the sales of our presently marketed products or productsunder development.

Any change in legislation orregulations that govern the review and approval process relating to our currentand/or future products, or that restrict the manner by which we may sell ourproducts, could make it more difficult and/or costly to obtain approval for newproducts, and/or to produce, market, and distribute existing products. 

 

 

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***If we are unable tocontinue to develop and commercialize new technologies and products, we may experiencea decrease in demand for our products or our products could become obsolete.***

The medical device industryis highly competitive and is subject to significant and rapid technologicalchange.  We believe that our ability to develop or acquire new technologiesis crucial to our success.  We are continually engaged in product researchand development, product improvement programs, and required clinical studies todevelop new technologies and to maintain and improve our competitive position. Any significant delays in the above or termination or failure of our clinicaltrials would materially and adversely affect our research, development andcommercialization timelines.  We cannot guarantee that we will besuccessful in enhancing existing products, or in developing or acquiring newproducts or technologies that will timely achieve regulatory approval orsuccess in the marketplace.  

There is also a risk that ourproducts may not gain market acceptance among physicians, patients and themedical community generally.  The degree of market acceptance of anymedical device or other product that we develop will depend on a number offactors, including demonstrated clinical safety and efficacy,cost-effectiveness, potential advantages over alternative products,user/patient acceptance, and our marketing and distribution capabilities. Physicians will not recommend our products if clinical and/or other data and/orother factors do not demonstrate their safety and efficacy compared to othercompeting products, or if our products do not best meet the particular needs ofthe individual patient.

In December 2003, wecompleted our PMA application to the FDA for our silicone gel-filled implantsfor breast augmentation, reconstruction and revision.  In August 2004, we amendedour PMA application based on a revised draft guidance released by the FDA inJanuary 2004.  On July 28, 2005, we received an "approvable" letter, withconditions, from the FDA on our PMA application for our silicone gel-filledbreast implants.  The approvable letter stipulates a number of conditionswhich we must satisfy in order to receive FDA approval to market and sellsilicone gel-filled breast implants in the United  States.  Our current discussionswith FDA regarding our MemoryGelTM silicone gel-filled breast implantPMA are primarily focused on post-approval patient monitoring and datacollection.  Despite the approvable letter and our current discussions, the FDAmay ultimately decide to not approve our silicone gel-filled breast implantsfor sale in the United States, or if they do approve, the FDA would most likely recommendadditional post-approval conditions or requirements, for which we would incurcosts that could be substantial, and which could potentially impact our sales and earnings,depending on the scope and complexity of the requirements.  Further changein FDA regulatory requirements, including those implemented through new orrevised FDA guidance, (such as that announced on January 8, 2004 by the FDA), maydelay or may otherwise adversely affect our pending PMA application as well asits review or approval by the FDA.  A delay or denial response by the FDAwould have a material adverse effect on our commercialization timelines andcompetitive position, and ultimately our revenue and operating results. If our new products do not achieve significant market acceptance, or if ourcurrent products do not continue competing successfully in the changing market,our sales and earnings may not grow as much as expected, or may even decline.

We also have two pendingapplications for Medical Device Licenses in Canada for our silicone gel-filled breast implants.  Anexpert advisory panel was convened by the Canadian government on March 22, 2005 toreview our pending application for Medical Device Licenses.  A publicforum called by Health Canada on these devices was held September 29, 2005.  Wecannot predict the outcome of these reviews, nor determine when or if Health Canada willapprove our product applications.  In addition, any approval could begranted with stringent post-approval conditions or requirements, for which wewould incur costs, and which could impact our sales and earnings, depending onthe scope and complexity of such requirements.

With respect to our PuragenPlusTM program in the U.S., we recently identified potential issues thatrequired further evaluation of our clinical study data  that will result in adelay to our PMA submission timeline.  We performed this further evaluation, andwe concurrently reviewed some of our critical production processes.  Though wehave developed a plan to move forward with our Puragen PlusTM PMAprocess, any further delays in the submission of our PMA or a delay or denialresponse by the FDA would have a material adverse effect on ourcommercialization timelines and competitive position, and ultimately our futurerevenue and operating results.  

 

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***If we are unable tocompete effectively with existing or new competitors, we could experience pricereductions, reduced demand for our products, reduced margins and loss of marketshare, and our business, results of operations and financial condition would beadversely affected.*****

Our products compete withsimilar or other competitive medical products manufactured by major companies,and may also compete with new products currently under development byothers. 

Competition in our industryoccurs on a variety of levels, including but not limited to:

•         developing andbringing new products to market before others or to provide benefits superiorto those of existing products;

•         developing newtechnologies to improve existing products;

•         developing newproducts at a lower cost to provide the same benefits as existing products atthe same or lower price;

•         creating or enteringnew markets with existing products;

•         increasing orimproving service-related programs; and

•         advertising in amanner that creates additional awareness and demand.

The competitive environmentrequires an ongoing, extensive search for technological innovations and theability to market products effectively.  Consequently, we must continue toeffectively execute on various competitive levels to properly position ourproducts in the marketplace and maintain our market share, revenue and grossmargins. 

In particular, we facecompetition from Allergan, Inc., which acquired Inamed Corporation in March2006, our only current competitor in the U.S. for our breast aesthetics product line.  On September 21, 2005,Inamed announced that it also received an "approvable" letter, with conditions,from the FDA for its silicone gel-filled breast implants.  If Allergan gainsFDA approval to market its silicone gel-filled breast implant products beforewe do, our competitive position will likely suffer.  As a result of Allergan's acquisitionof Inamed,  we are now competing against a much larger competitor with asubstantially larger sales force.

***If we suffer negativepublicity concerning the safety of our products, our sales may be harmed and wemay be forced to withdraw products.***

Physicians and potentialpatients may have a number of concerns about the safety of our products,including our breast implants, whether or not such concerns have a basis ingenerally accepted science or peer-reviewed scientific research.  Negativepublicity, whether accurate or inaccurate, concerning our products could reducemarket or governmental acceptance of our products and could result in decreasedproduct demand or product withdrawal.  For example, we may be required torecall or withdraw our products if we, the FDA or a foreign government agencydetermine that use of our products results in a higher than average rate ofpost-treatment complications based on clinical experience and/or data.  If oneforeign government agency were to request or require a withdrawal or recall ofone or more of our products, the safety concerns leading to that governmentagency's request may be investigated by regulatory bodies in other countries,which could result in additional withdrawals or recalls and could result innegative publicity regarding our products.  In addition, significant negativepublicity could result in an increased number of product liability claims,whether or not these claims are supported by applicable law. 

***If changes in theeconomy and consumer spending reduce consumer demand for our products, oursales and profitability could suffer.***

Certain elective procedures,such as breast augmentation and body contouring, are not covered byinsurance.  Adverse changes in the economy or other conditions or eventsmay cause consumers to reassess their spending choices and reduce the demandfor these surgeries and could have an adverse effect on consumerspending.  This shift could have an adverse effect on our sales andprofitability. 

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***If we are unable toimplement new information technology systems, our ability to manufacture andsell products, maintain regulatory compliance and manage and report ourbusiness activities may be impaired, delayed or diminished, which would causesubstantial business interruption and loss of sales, customers and profits.***

In fiscal 2004, weimplemented an enterprise resource planning system at our major locations whichis our primary business management system.  We intend to continue toimplement the system for substantially all of our businesses worldwide. Many other companies have had severe problems with computer systemimplementations of this nature and scope.  We are using a controlledproject plan and we believe we have assigned adequate staffing and otherresources to the projects to ensure its successful implementation; howeverthere is no assurance that the design will meet our current and future businessneeds or that it will operate as designed.  We are heavily dependent onsuch computer systems, and any failure or delay in the system implementationwould cause a substantial interruption to our business, additional expense, andloss of sales, customers, and profits. 

***If we are unable toacquire companies, businesses or technologies as part of our growth strategy orto successfully integrate past acquisitions, our growth, sales andprofitability could suffer.***

A significant portion of ourrecent growth has been the result of acquisitions of other companies,businesses and technologies.  In October 2005, we announced our intentionto refocus our business solely on aesthetic medicine and we sold our surgicalurology and clinical and consumer health businesses in June 2006.  This refocusconsumed a significant amount of management attention and may have distractedand may continue to distract us from pursuing acquisition opportunities in theshort term.  We intend to continue to acquire other businesses and technologiesto facilitate our future business strategies.  There can be no assurancethat we will be able to identify appropriate acquisition candidates, consummatetransactions or obtain agreements with terms favorable to us.  Forexample, in November 2005, we made an unsolicited offer to acquire Medicis,Inc. (which was at the time subject to an acquisition agreement with Inamed)that was rejected.  We may incur substantial expenses in connection with ouracquisition activities, even if the transaction is not completed, such as theapproximately $3.4 million in expenses incurred related to the offer to acquireMedicis.  Once a business is acquired, any inability to integrate the business,failure to retain and develop its workforce, or establish and maintainappropriate communications, performance expectations, regulatory complianceprocedures, accounting controls, and reporting procedures could adverselyaffect our future sales and earnings.

***We may suffer fromdisruptions to our business and information technology systems and be unable toretain employees as a result of the June 2006 sale of our Urology Business toColoplast.***

In October 2005, we announcedour intention to refocus our business solely on aesthetic medicine, and wecompleted the sale of our surgical urology and clinical and consumer healthbusinesses to Coloplast in June 2006.  As a result of the transition ofemployees, information technology services, facilities and customers toColoplast, our business may be disrupted.  For example, we may experiencedifficulty with our enterprise resource planning system due to the separationof the Urology Business segment from our existing system.  

***We are obligated toprovide specified transition services to Coloplast and our ability to completeour own planned projects may suffer if the resource requirements for providingthose services exceeds our expectations.***

We are obligated to provide avariety of transition services to Coloplast in connection  with theiracquisition of our Urology Business for up to 12 months.  The demands on usassociated with providing these services may outpace our expectations and wemay be obligated to devote more resources than we expect to provide theservices, and may divert management's attention.  

 

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***We agreed to indemnifyColoplast against specified losses in connection with Coloplast's purchase ofour Urology Business and any demands for indemnification may result in expenseswe do not anticipate and distract the attention of our management from ourcontinuing businesses.***

We have agreed to indemnifyColoplast against specified losses in connection with the June 2006 sale of ourUrology Business and generally retain responsibility for various legalliabilities that accrue prior to closing.  We also made representations andwarranties to Coloplast about the condition of our Urology Business, includingmatters relating to intellectual property, regulatory compliance andenvironmental laws.  If Coloplast makes an indemnification claim because it hassuffered a loss or a third party has commenced an action against Coloplast, wemay incur substantial expenses resolving Coloplast's claim or defendingColoplast and ourselves against the third party action, which would harm ouroperating results.  In addition, our ability to defend ourselves may beimpaired because our former Urology Business employees are now employees ofColoplast and our management may have to devote a substantial amount of time toresolving the claim, and, as we are no longer in the Urology Business, will notbe able to readily offer products, service and intellectual property insettlement.  In addition, these indemnity claims may divert managementattention from aesthetics business.  It may also be difficult to determinewhether a claim from a third party stemmed from actions taken by us orColoplast and we may expend substantial resources trying to determine whichparty has responsibility for the claim.

***We may not realize someof the benefits of the Coloplast transaction.***

We anticipate that we will beable to utilize approximately $7.9 million of foreign tax credits resultingfrom the Coloplast transaction.  While Coloplast has agreed to indemnify us forthe availability of up to $7.1 million of these tax credits, we cannot be surethat we will be able to utilize those tax credits before they expire due to anynumber of factors including, but not limited to, whether the credits expire dueto changes in ownership in excess of the applicable tax rules, sufficientincome in the jurisdictions in which we have the credits and other possiblereasons the tax credits might be disallowed.  Although Coloplast has agreed toindemnify Mentor for $7.1 million of the foreign tax credits, if the foreigntax credits are disallowed and we are not able to recover from Coloplast, wemay not be able to realize the full amount, or any, of those tax credits.

***We may not besuccessful in transitioning our business to focus solely on aesthetic medicine,which may harm our prospects and operating results.***

As of June 2006, we completed the divestitureof our Urology Business, and our continuing business is now focused onaesthetic medicine.  We may not successfully improve our operating margins despitethe divestiture of our Urology Business to be consistent with those ofcompetitive companies focused solely on aesthetic medicine.  In addition, wemay be unsuccessful at broadening the focus of our sales force to physicianspracticing aesthetic medicine other than plastic surgeons.  In order tosuccessfully increase our sales presence to those physicians, we will berequired to develop internally or purchase additional products that will meetthe needs of those physicians and obtain regulatory approval to sell thoseproducts.  For example, we have announced a delay in the anticipated date forsubmission of our Puragen PlusTM products to the FDA, which productwould be marketed to dermatologists as well as plastic surgeons.

***State legislatures and taxingauthorities may create new laws or change their interpretation of existingstate and local tax laws that may affect future product demand or createunforeseen tax liabilities.***

If any state legislature orother government authority creates new laws to assess sales taxes on medicalprocedures determined by them to be cosmetic, our physician and patientcustomers may have to pay more for our products and future demand maydecrease.  In addition, if taxing authorities determine that our productsare cosmetic and thus taxable based on their interpretations of existing taxlaws or that our products are otherwise taxable, they may disallow currentlyavailable exemptions related to medical products and procedures.  Suchtaxing authorities may then determine that we owe additional taxes related toproduct sales from prior periods.  These determinations would have anegative effect on our results of operations.

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***If our intellectualproperty rights do not adequately protect our products or technologies, otherscould compete against us more directly, which would hurt our profitability.***

Our success depends in parton our ability to obtain patents or rights to patents, protect trade secrets,operate without infringing upon the proprietary rights of others, and preventothers from infringing on our patents, trademarks and other intellectualproperty rights.  We will be able to protect our intellectual propertyfrom unauthorized use by third parties only to the extent that it is covered byvalid and enforceable patents, trademarks or licenses.  Patent protectiongenerally involves complex legal and factual questions and, therefore,enforceability of patent rights cannot be predicted with certainty; thus, anypatents that we own or license from others may not provide us with adequateprotection against competitors.  Moreover, the laws of certain foreigncountries do not recognize intellectual property rights or protect them to thesame extent as do the laws of the United  States.  

In addition to patents andtrademarks, we rely on trade secrets and proprietary know-how.  We seekprotection of these rights, in part, through confidentiality and proprietaryinformation agreements.  These agreements may not provide sufficientprotection or adequate remedies for violation of our rights in the event ofunauthorized use or disclosure of confidential and proprietaryinformation.  Failure to protect our proprietary rights could seriouslyimpair our competitive position. 

***If third parties claimwe are infringing their intellectual property rights, we could suffersignificant litigation, indemnification, or licensing expenses or be preventedfrom marketing our products.***

Our commercial successdepends significantly on our ability to operate without infringing the patentsand other proprietary rights of others.  However, regardless of ourintent, our current or future technologies of our existing operations or thosecurrent technologies of our discontinued operations, may infringe upon thepatents or violate other proprietary rights of third parties.  In theevent of such infringement or violation, we may face expensive litigation orindemnification obligations and may be prevented from selling existing productsand pursuing product development or commercialization. 

***We depend on single andsole source suppliers for certain raw materials and licensed or manufacturedproducts and the loss of any supplier could adversely affect our ability tomanufacture or sell many of our products.***

We currently rely on singleor sole source suppliers for raw materials used in many of our products,including silicone.  In the event that they cannot meet our requirements,we cannot guarantee that we would be able to obtain a sufficient amount ofquality raw materials in a timely manner.  We also depend on third partymanufacturers and suppliers for components and licensed products.  In connectionwith the sale of our Urology Business to Coloplast, we have entered into asupply agreement with Coloplast for certain components of our breast implantproducts.  For the short-term, Coloplast would be our sole source for thesecomponents, and if we were unable to obtain the supply, our business would beharmed.  We may determine that we do not want to continue to purchase productsfrom Coloplast or Coloplast may be unable to meet our needs in a timely manner,either of which may disrupt our business during the period we negotiate asupply agreement with and qualify the manufacturing process of a third party orbegin production of the components ourselves.  In addition, we depend onNiadyne, Inc. for the supply of NIA-24 and if we were no longer able to satisfydemand for this product through our relationship with Niadyne, our businesscould be harmed.  If there is a disruption in the supply of any of thesesingle or sole source products, ourfuture sales and profitability would be adversely affected.  

 

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***Our internationalbusiness exposes us to a number of risks.***

More than one-quarter of oursales for our continuing operations are derived from international operations. Accordingly, any material decrease in foreign sales would have a materialadverse effect on our overall sales and profitability.  Most of ourinternational sales are denominated in Euros, British Pounds, Canadian dollarsor U.S. dollars.  Depreciation or devaluation of the local currencies ofcountries where we sell our products may result in our products becoming moreexpensive in local currency terms, thus reducing demand, which could have anadverse effect on our operating results.  Our operations and financialresults may be adversely affected by other international factors, including:

- foreign government     regulation of medical products;  
- product liability,     intellectual property and other claims;  
- new export license     requirements;  
- political or     economic instability in our target markets;  
- trade restrictions;  
- changes in tax laws     and tariffs;  
- managing foreign     distributors and manufacturers;  
- managing foreign     branch offices and staffing; and
- completion.

***Health carereimbursement or reform legislation could materially affect our business.***

If any national health carereform or other legislation or regulations are passed that imposes limits onthe amount of reimbursement for certain types of medical procedures orproducts, or on the number or type of medical procedures that may be performed,or that has the effect of restricting a physician's ability to select specificproducts for use in patient procedures, such changes could have a materialadverse effect on the demand for our products.  Our revenues partiallydepend on U.S. and foreign government health care programs andprivate health insurers reimbursing patients' medical expenses. Physicians, hospitals, and other health care providers may not purchase ourproducts if they do not receive satisfactory reimbursement from thesethird-party payers for the cost of procedures using our products.  In the U.S., therehave been, and we expect that there will continue to be, a number of federaland state legislative and regulatory proposals to implement greatergovernmental control over the healthcare industry and its related costs. These proposals create uncertainty as to the future of our industry and mayhave a material adverse effect on our ability to raise capital or to formcollaborations.  In a number of foreign markets, the pricing andprofitability of healthcare products are subject to governmental influence orcontrol.  In addition, legislation or regulations that impose restrictionson the price that may be charged for healthcare products or medical devices mayadversely affect our sales and profitability. 

 

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***If our use of hazardousmaterials result in contamination or injury, we could suffer significantfinancial loss.***

We are subject to federal, state, local andforeign environmental laws and regulations.  Our manufacturing and research anddevelopment activities involve the controlled use of potentially hazardousmaterials, chemicals and biological materials, which require compliance withvarious laws and regulations regarding the use, storage, and disposal of suchmaterials.  We believe our continuing and discontinued operations comply in allmaterial respects with applicable environmental laws and regulations in eachcountry where we have a business presence.  Although we continue to make expendituresfor environmental protection, we do not anticipate any additional significant expenditures, in complying with such laws andregulations, that would have a material impact on our earnings or competitiveposition.  We are not aware of any pending litigation or significant financialobligations arising from current or past environmental practices that arelikely to have a material adverse effect on our financial position.  Wecannot assure, however, that environmental claims or indemnification obligationsrelating to our continuing or discontinued operations, or properties currentlyor previously owned or operated by us will not develop in the future, nor canwe predict whether any such claims, if they were to develop, would requiresignificant expenditures on our part.  We cannot eliminate the risk ofaccidental contamination or injury from these materials.  In the event ofan accident or environmental discharge, we may be held liable for any resultingdamages, which may exceed our financial resources and any applicable insurancecoverage.  In addition, we are unable to predict what legislation orregulations may be adopted or enacted in the future with respect toenvironmental protection and waste disposal.

We are subject to regulationby the United States Environmental Protection Agency and other state and localenvironmental agencies in each of our domestic manufacturing facilities. For example, in Texas, we are subject to regulation by the local AirPollution Control District as a result of some of the chemicals used in ourmanufacturing processes.  Prior to the June 2, 2006Coloplast transaction, we were also subject to regulation by the United StatesNuclear Regulatory Commission in our Oklahoma facility due to the manufactureand distribution of brachytherapy seeds using radioactive iodine I-125 andpalladium Pd-103.  We may have continuing liability for any violationswhich arose prior to the Coloplast transaction.  In our Wisconsinfacility, we are also subject to regulation by the U.S. Department of Healthand Human Services, Centers for Disease Control, due to the nature of thebiological agent used to manufacture our botulinum toxin product, *Clostridiumbotulinum* type A, which is still in the development phase.  Failure tocomply with the regulations and requirements of these various agencies couldaffect our ability to manufacture products and may have a significant negativeimpact on sales and results of operations. 

***Future changes infinancial accounting standards may cause adverse unexpected revenue or expensefluctuations and affect our reported results of operations.***

A change in accountingstandards could have a significant effect on our reported results and may evenaffect our reporting of transactions completed before the change is effective. New pronouncements and varying interpretations of existing pronouncements haveoccurred and may occur in the future.  Changes to existing rules orcurrent practices may adversely affect our reported financial results andrequire restatement of previously issued results for retroactive application ofthe new accounting standard.  This was evidenced by the adoption of EITF04-8 in the quarter ended December 2004, resulting in the restatement ofdiluted earnings per share and weighted average shares outstanding, for fiscalyear 2004 and the interim periods ending June 30, and September 30, 2004. 

***Changes in theaccounting treatment of stock-based awards will adversely affect our reportedresults of operations.***

InDecember 2004 the Financial Accounting Standards Board, or FASB, issued Statement ofFinancial Accounting Standards, or SFAS, No. 123 (revised 2004),Share-Based Payment, or SFAS 123(R), which is a revision ofSFAS No. 123, Accounting for Stock-Based Compensation, or SFAS 123.  SFAS 123(R)requires all share-based payments to employees, including grants of employeestock options, to be recognized in the financial statements based on theirgrant date fair values and does not allow the previously permitteddisclosure-only method as an alternative to financial statement recognition.  EffectiveApril 1, 2006 we adopted SFAS 123(R). 

 

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Theadoption of the SFAS 123(R) fair value method will have a significantadverse impact on our reported results of operations because the stock-basedcompensation expense will be charged directly against our reported earnings.  Ifthere are any modifications or cancellations of the underlying unvestedsecurities, we may be required to accelerate, increase or cancel any remainingunearned stock-based compensation expense.  To the extent that we grantadditional equity securities to employees or assume unvested securities inconnection with any acquisitions, our stock-based compensation expense will beincreased by the additional unearned compensation resulting from those additionalgrants or acquisitions.  We anticipate we will grant additional employee stockoptions and restricted stock in the first quarter of fiscal 2007 as part of ourregular annual equity compensation program.  The fair value of these grants isnot included in the amount above, as the impact of these grants cannot bepredicted at this time because it will depend on the number of share-basedpayments granted as part of the focal review program and the then current fairvalues. 

Hadwe adopted SFAS 123(R) in prior periods, the magnitude of the impact ofthat standard on our results of operations would have approximated the impactof SFAS 123 assuming the application of the Black-Scholes option pricingmodel as described in the disclosure of pro forma net income  and pro forma netincome  per share in Note G of Notes to Consolidated Financial Statements. SFAS 123(R) also requires the benefits of tax deductions in excess ofrecognized compensation cost to be reported as a financing cash flow, ratherthan as an operating cash flow as required under current literature.  Thisrequirement may reduce net operating cash flows and increase net financing cashflows in periods after its adoption. 

***Hedging transactionsand other transactions may affect the value of the notes.***

In connection with theoriginal issuance of our 23⁄4% convertible subordinated notes in December 2003,we entered into convertible note hedge and warrant transactions with respect toour common stock, with Credit Suisse First Boston International, an affiliateof Credit Suisse First Boston LLC, the initial purchaser of the notes, toreduce the potential dilution from conversion of the notes up to a price of ourcommon stock of approximately $39.26 per share.  In connection with thesehedging arrangements, Credit Suisse First Boston International, and/or itsaffiliates, has taken and, we expect, will continue to take positions in ourcommon stock in secondary market transactions and/or will enter into variousderivative transactions.  Such hedging arrangements could adversely affectthe market price of our common stock.  In addition, the existence of thenotes may encourage short selling in our common stock by market participantsbecause the conversion of the notes could depress the price of our common stock.

***Litigation may harm ourbusiness or otherwise distract our management.***

Substantial, complex orextended litigation could cause us to incur large expenditures and distract ourmanagement, and could result in significant monetary or equitable judgmentsagainst us.  For example, lawsuits by employees, patients, customers,licensors, licensees, suppliers, business partners, distributors, shareholders,or competitors could be very costly and could substantially disrupt ourbusiness.  Disputes from time to time with such companies or individualsare not uncommon, and we cannot assure that we will always be able to resolvesuch disputes out of court or on terms favorable to us. 

***Our publicly-filed SECreports are reviewed by the SEC from time to time and any significant changesrequired as a result of any such review may result in material liability to usand have a material adverse impact on the trading price of our common stock.***

The reports ofpublicly-traded companies are subject to review by the SEC from time to timefor the purpose of assisting companies in complying with applicable disclosurerequirements and to enhance the overall effectiveness of companies publicfilings, and comprehensive reviews by the SEC of such reports are now requiredat least every three years under the Sarbanes-Oxley Act of 2002.  SECreviews often occur at the time companies file registration statements such asthe registration statement we filed in connection with our convertible noteoffering, but reviews may also be initiated at any time by the SEC.  While webelieve that our previously filed SEC reports comply, and we intend that allfuture reports will comply in all material respects with the published rulesand regulations of the SEC, we could be required to modify or reformulateinformation contained in prior filings as a result of an SEC review.  Anymodification or reformulation of information contained in such reports could besignificant and result in material liability to us and have a material adverseimpact on the trading price of our securities, including our common stock orour convertible notes.

| 28 |
|----|

----

***Our operating resultsmay fluctuate substantially, and could precipitate unexpected movement in theprice of our common stock and convertible notes.*** 

Our common stock trades onthe New York Stock Exchange under the symbol "MNT."  On March 31, 2006, theclosing price of our common stock on the New York Stock Exchange was $45.31 pershare.  On December 22, 2003, we completed an offering of $150 million ofconvertible subordinated notes ("notes") due January 1, 2024pursuant to Rule 144A under the Securities Act of 1933.  The notes bearinterest at 23⁄4% per annum, are convertible into shares of our common stock atan adjusted conversion price of $29.167 per share and are subordinated to allexisting and future senior debt. The market prices of our stock and convertible securities are subject tosignificant fluctuations in response to the factors set forth above and otherfactors, many of which are beyond our control including such factors as changesin pricing policies by our competitors and the timing of significant orders andshipments.

Such factors, as well asother economic conditions, may adversely affect the market price of oursecurities, including our common stock and convertible notes.  There couldbe periods in which we experience shortfalls in revenue and/or earnings fromlevels expected by securities analysts and investors, which could have animmediate and significant adverse effect on the trading price of our securities,including our common stock and our convertible notes.

| **ITEM 1B.** | **UNRESOLVED  STAFF COMMENTS.**

	 

 None. |
|--------------|-------------------------------------------------------|

|  

**ITEM  2.** |  

**PROPERTIES.** |
|----------------------|-------------------------|

 

Weown and lease the following facilities:

 

| **Location**                 | **Total  Sq. Ft.** | **Principal Segment  and Use**                                                |
|------------------------------|--------------------|-------------------------------------------------------------------------------|
|  

**Owned Properties** |
|                         |               |                                                                          |
| Netherlands                  | 65,000        | Manufacturing, warehousing and  administrative offices  

               |
| Minnesota                    | 20,000        | Manufacturing, warehousing

                                             |
|                         | 85,000        |                                                                               |
| **Leased  Properties**       |                    |                                                                               |
| Texas                        | 134,000       | Manufacturing, warehousing and  administrative offices:  

              |
| California                   | 127,000       | Corporate offices, research and  development, and sales and marketing

  |
| Arizona                      | 32,000        | Manufacturing, warehousing and  administrative offices

                 |
| United Kingdom               | 23,000        | Manufacturing, warehousing and  administrative offices

                 |
| Canada                       | 11,000        | Sales, warehousing and administrative  offices

                         |
| Wisconsin                    | 10,000        | Research and development

                                               |
|                              | 337,000       |                                                                               |

|  

29 |
|------------|

----

Our property in TheNetherlands is pledged as collateral on borrowings under a Loan and OverdraftFacility with Cooperative RaboBank Leiden.  See "Liquidity and CapitalResources" under Item 7A - "Management's Discussion and Analysis of FinancialCondition and Results of Operations" for additional information.  Our leaseshave terms ranging from 1 to 15 years, many of which have options to renew onterms we consider favorable.  In addition to the facilities mentionedabove, we have international sales offices throughout eight countries where welease office and warehouse space ranging from1,000 to 8,000 square feet.  We anticipate that we will be able to extendor renew the leases that expire in the near future on terms satisfactory to us,or if necessary, locate substitute facilities on acceptable terms.

We believe our facilities are generallysuitable and adequate to accommodate our current operations and additionalsuitable facilities are readily available to accommodate future expansion asnecessary.

For information regarding lease obligationssee Note N "Commitments" under "Notes to the ConsolidatedFinancial Statements."

| **ITEM 3.** | **LEGAL PROCEEDINGS.** |
|-------------|------------------------|

On March 4, 2004, JohnH. Alico, et. al., d/b/a PTF Royalty Partnership ("PTF") filed alawsuit against us in the Business Litigation Session of the Superior Court ofMassachusetts, Suffolk County in which PTF alleges, among other things, breachof a merger agreement that involved our acquisition of Mentor O&O, Inc.("O&O"), an unrelated entity at that time, which was dated as of March 14, 1990("Merger Agreement") (prior to the merger, O&O had no affiliationwith us).  PTF alleges that we breached the terms of the Merger Agreementby failing to exert commercially reasonable and diligent efforts to obtainapproval by the FDA for a product used for the treatment of urinaryincontinence and by failing to accurately account for and pay royalties duethereunder.  PTF seeks damages in excess of $18 million, which is themaximum amount of royalties PTF could have received under the MergerAgreement.  After almost ten years, in or about January 2001, we electedto discontinue pursuing FDA approval for the product, given the FDA's repeatedand ongoing concerns regarding the product's use for urinaryincontinence.  We complied with all of our obligations under the MergerAgreement, which specifically provided that we were under no obligation toengage in efforts or expenditures in respect of the product which we in goodfaith deemed to be inadvisable based on various factors.  Accordingly, weintend to vigorously defend the lawsuit.  Dr. Richard Young, who was amember of our Board of Directors from March 1990 until his retirement on March 1, 2006, was alsoa partner of PTF and was a named plaintiff in the above action.  Dr. Youngwas a shareholder and principal of O&O prior to the merger and wasinstrumental in facilitating the transition after the merger.  Pursuant to Dr.Young's request, the PTF Partnership Agreement was amended to permit withdrawalof partners from the PTF Royalty Partnership upon notice.  On June 3, 2005, Dr.Young submitted his notice of withdrawal to the Partnership, and a jointstipulation removing Dr. Young from the caption of the complaint and as a namedparty to the litigation was entered by the court in June 2005.

Inaddition, in the ordinary course of our business we experience other variedtypes of claims that sometimes result in litigation or other legalproceedings.  Although there can be no certainty, we do not anticipatethat any of these proceedings will have a material adverse effect on us.

| **ITEM 4.** | **SUBMISSION  OF MATTERS TO A VOTE OF SECURITY HOLDERS.** |
|-------------|-----------------------------------------------------------|

 

Nomatters were submitted for a vote of our shareholders during the fourth quarterof the fiscal year ended March 31, 2006.

** **

 

| 30 |
|----|

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**PARTII**

 

| **ITEM 5.** | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED  STOCKHOLDER  MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.** |
|-------------|---------------------------------------------------------------------------------------------------------------------|

 

Ourcommon stock trades on the New York Stock Exchange under the symbol "MNT". The high and low quarterly closing sales prices of our common stock, asreported by the NYSE for the two most recent fiscal years are set forthbelow.  

 

| **Year Ended March 31, 2006**    | High    | Low         |
|----------------------------------|---------|-------------|
| Quarter ended March 31, 2006     |  $ | 49.20  |  $ | 41.60  |
| Quarter ended December 31, 2005  |  $ | 56.14  |  $ | 43.54  |
| Quarter ended September 30, 2005 |  $ | 55.99  |  $ | 41.21  |
| Quarter ended June 30, 2005      |  $ | 43.03  |  $ | 31.90  |
|                                  |         |             |
|                             |    |        |
| **Year Ended March 31, 2005**    | High    | Low         |
| Quarter ended March 31, 2005     |  $ | 35.80  |  $ | 29.98  |
| Quarter ended December 31, 2004  |  $ | 35.18  |  $ | 29.20  |
| Quarter ended September 30, 2004 |  $ | 35.94  |  $ | 29.59  |
| Quarter ended June 30, 2004      |  $ | 34.43  |  $ | 29.80  |

 

Accordingto the records of our transfer agent, there were approximately 860 holders ofrecord of our common stock on June 11, 2006. However, the majority of shares are held by brokers and other institutions onbehalf of shareholders.

 

DividendPolicy

 

Weperiodically declare cash dividends on our common stock.  It is our intent tocontinue to pay dividends for the foreseeable future subject to, among otherthings, Board approval, cash availability, limitations under our existingcredit facility, and alternative cash needs.  Our existing creditagreement limits the aggregate amount of dividends payable in any fiscal yearto 60% of our net income for the four most recent fiscal quarters.

 

|                | Quarterly Cash Dividends Declared |
|----------------|-----------------------------------|
|                | Year Ended March 31,              |
|                | **2006**                          | 2005 | 2004 |
| First Quarter  | ** $**                       | **0.17** |  $ | 0.15 |  $ | 0.02 |
| Second Quarter | **0.18**                          | 0.17 | 0.15 |
| Third Quarter  | **0.18**                          | 0.17 | 0.15 |
| Fourth Quarter | **0.18**                          | 0.17 | 0.15 |
| Total          | ** $**                       | **0.71** |  $ | 0.66 |  $ | 0.47 |

 

 

| 31 |
|----|

----

IssuerPurchases of Equity Securities

 

OurBoard of Directors has authorized a stock repurchase program, primarily tooffset the dilutive effect of our employee stock option plans, to provide liquidityto the market and to reduce the overall number of shares outstanding.  Allshares repurchased under the program are retired and are no longer deemed to beoutstanding.  The timing of repurchases is subject to market conditions,cash availability, and blackout periods during which we are restricted fromrepurchasing shares.  On May 31, 2006 we amended our Credit Agreement toexpand the amount of equity securities we can repurchase to $250 million plus asubsequent amount during any four consecutive quarters equal to ourconsolidated net income less dividends paid for the preceding four quarters. On June 5, 2006, we repurchased 2.0 million shares for a total of $84million from an investment partnership managed by ValueAct Capital, whose managingdirector, Mr. Jeff Ubben, is a member of our Board of Directors.  Therepurchase of these shares was pre-approved by our Audit Committee and themajority of our Board of Directors with interested parties abstaining or not inattendance.  As a result of this repurchase, 3.3 million shares remainauthorized for repurchase, and $166.0 million plus additional amounts equivalentto our consolidated net income, less dividends, remains available under ourCredit Agreement limitations.  The table below sets forth certain sharerepurchase information for the quarter ended March 31, 2006.

 

| **ISSUER PURCHASES  OF EQUITY SECURITIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 0.996 | $  43.00 | 0.996 | 5,258 |
| Total

0.996

$  43.00

0.996

5,258

a.     In the firstquarter of fiscal 1996, our Board of Director's authorized an ongoing stockrepurchase program.  The initial authorization was for the repurchase of upto one million shares.  Subsequently the Board of directors has authorizedthe repurchase of an additional 24.2 million shares including 5.0 million, 2.2million and 5.0 shares in March 2006, May 2003 and December 2003,respectively.  These share amounts have been adjusted for the two-for-one stocksplit affected December 2002.  

b.    Wehave not set a date for the stock repurchase program to expire. 

Weintend to repurchase shares during fiscal 2007 through a plan under Rule10b5-1, which we anticipate adopting during the first quarter fiscal 2007.  Thefirst purchases under the 10b5-1 plan will not occur until after the publicannouncement of our results for the quarter ending June 30, 2006.  We cannotestimate or guarantee the amount of shares to be repurchased under this plan. 

 

32

**ITEM  6.**

**SELECTED  FINANCIAL DATA.**

 

Theselected consolidated financial information presented below is obtained fromour audited consolidated financial statements for each of the five fiscal yearsending March 31, 2006.  This selected financial data should beread together with our consolidated financial statements and related notes, aswell as the discussion under the caption "Management's Discussion andAnalysis of Financial Condition and Results of Operations."

 

Year Ended March 31,

(in thousands, except per share data)

**2006**

2005

2004

2003

2002

**Statement  of Income Data:**

Net  sales

** $**

**268,272 **

 $

251,726 

 $

218,437   

 $

191,404 

 $

163,091 

Gross  profit

**199,063 **

187,150 

157,854   

137,544 

113,401 

Operating  income from continuing operations

**69,065 **

65,381 

66,206   

57,506 

40,900 

Income  before income taxes - 

** **

    continuing operations

**67,685 **

62,745 

67,251   

59,066 

43,128 

Income  taxes - continuing operations

**19,606 **

19,937 

21,479   

17,186 

12,114 

Income  from continuing operations

**48,079 **

42,808 

45,772   

41,880 

31,014 

Discontinued  operations, net of income tax(1)

**14,278 **

12,073 

9,007   

13,940 

10,806 

Net  income

** $**

**62,357 **

 $

54,881 

 $

54,779   

 $

55,820 

 $

41,820 

** **

Basic  earnings per share(2):

** **

    Continuing operations

** $**

**1.12 **

 $

1.02 

 $

1.00   

 $

0.90 

 $

0.65 

    Discontinued operations(1)

**0.33 **

0.29 

0.20   

0.30 

0.23 

      Basic earnings per share

** $**

**1.45 **

 $

1.31 

 $

1.20   

 $

1.20 

 $

0.88 

** **

Diluted  earnings per share(2):

** **

    Continuing operations

** $**

**1.01 **

 $

0.93 

 $

0.95   

 $

0.86 

 $

0.63 

    Discontinued operations(1)

**0.28 **

0.24 

0.18   

0.29 

0.22 

   Diluted  earnings per share

** $**

**1.29 **

 $

1.17 

 $

1.13(2)

 $

1.15 

 $

0.85 

** **

** **

Dividends  per common share

** $**

**0.71 **

 $

0.66 

 $

0.47   

 $

0.07 

 $

0.06 

** **

Average  outstanding shares(2):

** **

    Basic

**42,995 **

41,921 

45,543   

46,428 

47,278 

    Diluted

**50,870 **

49,667 

49,272(3)

48,388 

48,926 

** **

** **

**Balance  Sheet Data:**

** **

Working  capital

** $**

**210,019 **

 $

148,434 

 $

149,981   

$

134,863 

$

104,609 

Total  assets

**400,518 **

311,962 

312,236   

241,480 

206,193 

Long-term  accrued liabilities, less current      portion

**18,984 **

15,385 

13,597   

10,777 

7,432 

Convertible  subordinated notes

**150,000 **

150,000 

150,000   

- 

- 

Shareholders'  equity

** $**

**226,589 **

 $

172,527 

 $

196,004   

 $

276,136 

 $

226,602 

 

(1)
In June 2006, we sold our surgical urology andclinical and consumer healthcare businesses.  As a result, the operations forthese former businesses have been reflected as discontinued operations for all priorperiods.  See "Note T - Discontinued Operations" in the "Notes to theConsolidated Financial Statements."
(2)
Per share amounts and shares outstanding have beenadjusted to reflect a two-for-one stock split effected January 21, 2003.
(3)
Per share amounts and diluted shares outstanding forfiscal 2004 have been restated to reflect the additional shares that would beissued upon conversion of our 23⁄4% convertible notes, in accordance with theadoption of Emerging Issue Task Force (EITF) Issue No. 04-8 in the quarterended December 2004.
 

33

**ITEM 7.**

**MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  RESULTS OF OPERATIONS.**

 

Thefollowing discussion should be read together with our consolidated financialstatements and related notes, which are included in this report, and theinformation in the "Item 1A. Risk Factors" section of thisreport.  

**OVERVIEW**

We develop, manufacture andmarket a range of products serving the aesthetic medicine market, including plasticand reconstructive surgery.  Our products include surgically implantableprosthesis for plastic and reconstructive surgery, as well as capital equipmentand consumables used for soft tissue aspiration for body contouring(liposuction).  Historically, we operated in three reportable segments: aesthetic and general surgery, surgical urology, and clinical and consumerhealthcare.  Our surgical and urology products included surgically implantableprostheses for the treatment of impotence, surgically implantable incontinenceproducts, urinary care products and brachytherapy seeds for the treatment ofprostate cancer.  Our clinical and consumer healthcare products includedcatheters and other products for the management or urinary incontinence andretention.  In October 2005, we began to evaluate strategic alternatives forour surgical urology and clinical and consumer healthcare businesses.  On May 17, 2006, weentered into a definitive purchase agreement to sell our Urology Business toColoplast A/S for total consideration of $463 million($456 million in cash and the remainder consisting of the value of certainforeign tax credits that we expect to realize arising from the transactionprior to the close).  On June 2, 2006, the sale of the Urology Businesswas completed.  On June 1, 2006, our Porges SAS subsidiary sold certainintellectual property to Coloplast for $52 million, which is included inthe total consideration of $463 million.  The purchase price is subject toa post-closing adjustment based on the working capital of the acquired businessas of the closing date, and a downward reduction in an amount equal to 50% ofthe amount of certain transfer taxes and related fees incurred in connectionwith the transaction, 50% of the cost of severance obligations in respect ofcertain former employees of the Urology Business who will not continue with theUrology Business following the closing of the transaction, and certain otheradministrative costs.

Thepurchase agreement with Coloplast contains customary representations andwarranties and indemnification provisions whereby each party agrees toindemnify the other for breaches of representations and warranties, breaches ofcovenants and other matters, with our liability for breaches of representationsand warranties generally limited to 15% of the purchase price.  Pursuant to theterms of the purchase agreement, an escrow fund was established with$10 million withheld from the purchase price to secure our indemnificationobligations with respect to any breaches of our representations and warrantiesfor a period of 18 months.  In addition, the purchase agreement provides thatwe will not enter into or engage in a business that competes with the UrologyBusiness, on a worldwide basis, for a period of seven years following theclosing of the transaction.  These restrictions on competition do not apply to(i) the development, manufacture or sale of any oral pharmaceuticals orany product or treatments involving dermal fillers or other bulking agents ortoxins, including botulinum toxins, or (ii) any business acquired andoperated by us or our affiliates for so long as any such businesses generateless than $5 million in aggregate annual revenues from any competingbusiness.  These restrictions on competition terminate upon a change in controlof Mentor.

Inconnection with the sale to Coloplast, we also entered into a TransitionServices Agreement and various supply agreements.  Pursuant to the TransitionServices Agreement, in exchange for specified fees, we will provide toColoplast and Coloplast will provide to us, services including accounting,information technology, customer support and use of facilities.  Under thesupply agreements we will supply various products, including silicone gel-filledtesticular implants to Coloplast and Coloplast will supply us with componentsfor the manufacture of our breast implants.  These services agreements areexpected to extend through a period not to exceed twelve months and the supplyagreements range from a period of 6 - 36 months.  These services and supplyagreements are not expected to have a significant impact on our future cashflows from continuing operations.

34

OnJune 2, 2006, we also completed the sale of our intellectualproperty, raw materials and tangible assets for the production of silicone maleexternal catheters relating to our catheter production facility in Anoka, Minnesota andour inventory of such catheters to Rochester Medical Corporation, for anaggregate purchase price of approximately $1.6 million.  

As aresult of the sale to Coloplast, the assets and liabilities related to theUrology Business have been segregated from continuing operations and arereported as assets and liabilities of discontinued operations in theaccompanying consolidated balance sheets.  In addition, operations associatedwith the Urology Business have been classified as income from discontinuedoperations in the accompanying consolidated statements of income.  Prior tobeing designated as discontinued operations, the Urology Business contributed approximately47% of our consolidated net sales and approximately 27% of our operating profitin fiscal year 2006.  We will record a net gain on the sale of our UrologyBusiness in the first quarter of fiscal 2007.  As a result of this sale, we willbe able to focus on the aesthetic medicine market.  We intend to leverage ourtraditional strengths in plastic surgery and grow our market presence incosmetic dermatology. 

 

**APPLICATION OF CRITICAL ACCOUNTINGPOLICIES**

 

Management'sDiscussion and Analysis of Financial Condition and Results of Operationsaddresses our consolidated financial statements, which have been prepared inaccordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates andassumptions that affect the reported amounts of assets and liabilities, thedisclosure of contingent assets and liabilities at the date of the financialstatements, and the reported amounts of revenues and expenses during thereporting period.  On an on-going basis, we evaluate our estimates andjudgments.  We base our estimates and judgments on historical experienceand on various other factors that are believed to be reasonable under the circumstances,the results of which form the basis for making judgments about the carryingvalues of assets and liabilities that are not readily apparent from othersources.  Actual results may differ from these estimates under differentassumptions or conditions.  

 

Webelieve the following critical accounting policies, among others, affect ourmore significant judgments and estimates used in the preparation of ourconsolidated financial statements. 

 

RevenueRecognition

 

Werecognize product revenue, net of discounts, returns, and rebates in accordancewith Statement of Financial Accounting Standards ("SFAS") No. 48, "RevenueRecognition When the Right of Return Exists," and Staff AccountingBulletin ("SAB") No. 104, "Revenue Recognition."

 

Asrequired by these standards, revenue is recorded when persuasive evidence of asales arrangement exists, delivery has occurred, the buyer's price is fixed ordeterminable, contractual obligations have been satisfied, and collectibilityis reasonably assured.  These requirements are met, and sales and relatedcost of sales are recognized, upon the shipment of products, or in the case ofconsignment inventories, upon the notification of usage by the customer. We record estimated reductions to revenue for customer programs and othervolume-based incentives.  Should the actual level of customerparticipation in these programs differ from those estimated, additionaladjustments to revenue may be required.  We also allow credit for productsreturned within our policy terms.  We record an allowance for estimatedreturns at the time of sale based on historical experience, recent gross saleslevels and any notification of pending returns.  Should the actual returnsdiffer from those estimated, additional adjustments to revenue and cost of salesmay be required. 

 

Ourdeferred revenue consists of both current and long term and includes fundsreceived in connection with sales of our Enhanced Advantage Breast Implant LimitedWarranty program.  The fees received in connection with a sale of an Enhanced AdvantageBreast Implant Limited Warranty are deferred and recognized as revenue evenlyover the life of the warranty term.

 

35

AccountsReceivable

 

Wemarket our products to a diverse customer base, principally throughout the United States,Canada,Western Europe, Central and South America, and the Pacific Rim. We grant credit terms in the normal course of business to our customers,primarily hospitals, doctors and distributors.  We perform ongoing creditevaluations of our customers and adjust credit limits based upon paymenthistory and the customer's current credit worthiness, as determined throughreview of their current credit information.  We continuously monitorcollections and payments from customers and maintain allowances for doubtfulaccounts for estimated losses resulting from the inability of some of ourcustomers to make required payments.  Estimated losses are based onhistorical experience and any specifically identified customer collectionissues.  If the financial condition of our customers, or the economy aswhole, were to deteriorate resulting in an impairment of our customers' abilityto make payments, additional allowances may be required.  These additionalallowances for estimated losses would be included in selling, general and administrativeexpenses. 

 

Inventories

 

Wevalue our inventory at the lower of cost, based on the first-in first-out("FIFO") cost method, or the current estimated market value of theinventory.  We write down our inventory for estimated obsolescence or unmarketableinventory equal to the difference between the cost of inventory and theestimated market value based upon assumptions about future demand and marketconditions.  If actual future demand or market conditions differ fromthose projected by us, additional inventory valuation adjustments may berequired.  These additional valuation adjustments would be included incost of sales.

 

WarrantyReserves

We offer two types ofwarranties relating to our breast implants in the United States, Canada, andPuerto Rico: a standard limited warranty which is offered at no additionalcharge and an enhanced limited warranty at an additional charge of $100 in theU.S. ($100 CAD in Canada), which provide limited financial assistance in theevent of a deflation or rupture.  Our standard limited warranty is also offeredin certain European and other international countries for silicone gel-filledbreast implants.  We provide an accrual for the estimated cost of breastimplant warranties at the time revenue is recognized.  Costs related towarranties are recorded in cost of sales.  The estimated cost of the standardlimited warranty is recorded as an expense at the time of sale, whereas theestimated cost of the enhanced limited warranty is deferred and recognized overthe term of the enhanced limited warranty which approximates costs as incurred. Such accruals are based on estimates, which are based on relevant factors suchas unit sales, historical experience, the limited warranty period, estimatedcosts, and, to a limited extent, information developed by our insurance companyusing actuarial techniques.  These accruals are analyzed periodically foradequacy.  While we engage in extensive product quality programs andprocesses, including actively monitoring and evaluating the quality of ourcomponent suppliers, the warranty obligation is affected by reported rates ofwarranty claims and levels of financial assistance specified in the limited warranties. Should actual patient claim rates reported differ from our estimates, adjustmentsto the estimated warranty liability may be required.  These adjustmentswould be included in cost of sales.

Product Liability Reserves

We have product liability reserves forproduct-related claims to the extent those claims may result in litigationexpenses, settlements or judgments within our self-insured retention limits. We have also established additional reserves, through our wholly-owned captiveinsurance company, for estimated liabilities for product-related claims basedon actuarially determined estimated liabilities, taking also into account ourexcess insurance coverages.  The actuarial valuations are based on historicalinformation and certain assumptions about future events.  Product liabilitycosts are recorded in selling, general and administrative expenses as they aredirectly under the control of our General Counsel and other general andadministrative staff and are directly impacted by our overall corporate riskmanagement strategy.  Should actual product liability experience differ fromthe estimates and assumptions used to develop these reserves, subsequentchanges in reserves will be recorded in selling, general and administrativeexpenses, and may affect our operating results in future periods.  

36

Goodwill and Intangible Asset Impairment

Weevaluate long-lived assets, including goodwill and other intangibles, forimpairment whenever events or changes in circumstances indicate that thecarrying value of an asset may not be recoverable.  In addition, weevaluate goodwill and other intangibles annually in the fourth quarter of eachfiscal year.  In assessing the recoverability of goodwill and otherintangibles, we must make assumptions regarding estimated future cash flows andother factors to determine the fair value of the respective assets.  Weadopted SFAS No. 142, "Goodwill and Other Intangible Assets,"effective April 1, 2002 and analyzed goodwill and intangibles for impairment. Impairment tests were performed at adoption, and in the fourth quarter offiscal years 2003, 2004 and 2006, and no impairment was noted as a result ofthese analyses.  The impairment tests performed in fiscal 2005 indicated certainimpaired assets, for which we recorded impairment charges in fiscal 2005. These impairment charges are included in the results of operations. See Note I- "Intangible Assets and Goodwill" of the "Notes to the ConsolidatedFinancial Statements."

 

Stock-BasedCompensation Expense for Fiscal 2007 and Thereafter

 

EffectiveApril 1, 2006 we adopted SFAS No. 123 (revised 2004), Share-BasedPayment, or SFAS 123(R). SFAS 123(R) requires all share-basedpayments, including grants of stock options, restricted stock units andemployee stock purchase rights, to be recognized in our financial statementsbased on their respective grant date fair values. Under this standard, the fairvalue of each employee stock option and employee stock purchase right isestimated on the date of grant using an option pricing model that meets certainrequirements. We currently use the Black-Scholes option pricing model toestimate the fair value of our share-based payments.  The Black-Scholes modelmeets the requirements of SFAS 123(R) but the fair values generated by themodel may not be indicative of the actual fair values of our stock-based awardsas it does not consider certain factors important to stock-based awards, suchas continued employment and periodic vesting requirements and limitedtransferability.  The determination of the fair value of share-based paymentawards utilizing the Black-Scholes model is affected by our stock price and anumber of assumptions, including expected volatility, expected life, risk-freeinterest rate and expected dividends.  We use the implied volatility for tradedoptions on our stock as the expected volatility assumption required in theBlack-Scholes model.  Our selection of the implied volatility approach is basedon the availability of data regarding actively traded options on our stock aswe believe that implied volatility is more representative than historicalvolatility.  The expected life of the stock options is based on historical andother economic data trended into the future.  The risk-free interest rateassumption is based on observed interest rates appropriate for the terms of ourstock options and stock purchase rights.  The dividend yield assumption isbased on our history and expectation of dividend payouts.  The fair value ofour restricted stock units is based on the fair market value of our commonstock on the date of grant.  Stock-based compensation expense recognized in ourfinancial statements in fiscal 2006 and thereafter is based on awards that areultimately expected to vest.  The amount of stock-based compensation expense infiscal 2007 and thereafter will be reduced for estimated forfeitures based onhistorical experience.  Forfeitures are required to be estimated at the time ofgrant and revised, if necessary, in subsequent periods if actual forfeituresdiffer from those estimates.  We will evaluate the assumptions used to valuestock awards on a quarterly basis.  If factors change and we employ differentassumptions, stock-based compensation expense may differ significantly fromwhat we have recorded in the past.  If there are any modifications orcancellations of the underlying unvested securities, we may be required toaccelerate, increase or cancel any remaining unearned stock-based compensationexpense.  To the extent that we grant additional equity securities to employeesor we assume unvested securities in connection with any acquisitions, our stock-basedcompensation expense will be increased by the additional unearned compensationresulting from those additional grants or acquisitions.  Had we adoptedSFAS 123(R) in prior periods, the magnitude of the impact of that standardon our results of operations would have approximated the impact ofSFAS 123 assuming the application of the Black-Scholes option pricingmodel as described in the disclosure of pro forma net income and pro forma netincome per share in Note G of our "Notes to Consolidated FinancialStatements".

 

37

**RESULTSOF OPERATIONS**

 

Thefollowing table sets forth various items from the Consolidated Statements ofIncome as a percentage of net sales for the periods indicated:

 

Year Ended March 31,

**2006**

2005

2004

Net  sales

**100.0%**

100.0%

100.0%

** **

   Cost of sales

**25.8%**

25.7%

27.7%

Gross  profit

**74.2%**

74.3%

72.3%

** **

  Selling, general, and administrative

**37.7%**

34.3%

32.3%

   Research and development

**10.8%**

10.0%

9.7%

   Severance charges

-

3.0%

-

   Restructuring and long-lived asset impairment charges

-

1.0%

-

Operating  income

**25.7%**

26.0%

30.3%

   Interest expense

**(2.1)%**

(2.0)%

(0.7)%

   Interest income

**1.5%**

0.7%

0.7%

   Other income, net

**0.1%**

0.2%

0.5%

Income  before income taxes

**25.2%**

24.9%

30.8%

Income  taxes

**7.3%**

7.9%

9.8%

Net  income from continuing operations

**17.9%**

17.0%

21.0%

Net  income from discontinued operations

**5.3%**

4.8%

4.1%

Net  income

**23.2%**

21.8%

25.1%

 

**YEARSENDED MARCH 31, 2006 AND 2005**

 

Sales

 

Netsales increased 7% to $268.3 million from $251.7 million in the prioryear.  Net sales of breast implant products increased 7% to $233.2 millionfrom $217.4 million in the prior year.  The majority of the increase inbreast implant product sales is attributable to organic growth in unit sales ofour breast implants and associated products. Foreign exchange rate movements,primarily the Euro, had a minimal year-to-year impact on international netsales.  Increased net sales were driven by growth in the reconstructionmarkets both domestically and internationally.  We saw overall growth in unitsales of breast implant products of approximately 7%.  Although we try to avoidcompeting on price, we continued to see competitive price pressure in both thedomestic and international markets for breast implants.  Net sales of body contouringproducts decreased 4% to $17.8 million from $18.6 million in the prior year.  Liposuctioncontinues to be the leading surgical cosmetic procedure in the United States;however, we have seen some recent softness in sales growth in our body contouringbusiness.  We have seen some variability in capital equipment purchasingpatterns, specifically in our ultrasonically assisted product line, and we are inthe process of defining our strategy to improve growth in this business.  Otheraesthetic products net sales increased 10% to $17.3 million from $15.7 millionin the prior year, primarily as a result of increased revenue from our facialaesthetics products, including PuragenTM, which was launched in a variety ofinternational markets in May 2005.  We expect our net sales to increase toapproximately $290 - $305 million in fiscal 2007. 

 

Costof Sales 

 

Costof sales for fiscal 2006 remained relatively unchanged at 25.8% of net sales,compared to 25.7% in fiscal 2005.  Cost of sales had some variations inquarterly results primarily due to timing of the building of silicone gelbreast implant inventory in anticipation of potential FDA approval. 

 

38

Selling,General and Administrative

 

Selling,general and administrative expenses increased $14.6 million to $101.0 million,or 37.7% of net sales, in fiscal 2006 compared to $86.4 million, or 34.3% of netsales, in fiscal 2005.  During fiscal 2006, we incurred approximately$3.4 million of legal and professional fees related to an unsolicited offer toacquire Medicis Inc., which did not materialize.  We did not incur any similarfees during fiscal 2005.  Also contributing to the increased expenses was (i) anincrease of approximately $2.0 million in costs associated with our global facialaesthetics selling and marketing efforts in support of our hyaluronicacid-based dermal filler product, PuragenTM, (ii) an increase of approximately$1.8 million in costs associated with the expansion of our domestic salesforce, (iii) higher levels of expenses at our foreign sales subsidiaries ofapproximately $1.8, (iv) an increase of approximately $1.6 million related toincreased sales and marketing efforts focusing on our international markets, (v)an increase of approximately $1.5 million in compensation expense related to theissuance of restricted stock grants, and (vi) an increase of approximately $0.9million in our patient and physician education programs.  To a lesser extent,increased personnel costs in support of sales and marketing contributed to theyear over year increase.  The increase in selling, general and administrativeexpenses was partially offset by a decrease in performance-related compensationof approximately $2.9 million and the completion of our direct-to-consumertelevision advertising program related to our breast implant products,resulting in decreased expenses of approximately $1.4 million. 

 

Weexpect selling, general and administrative expenses to significantly increasein fiscal 2007 as a result of our adoption of SFAS 123(R) effective April 1, 2006. However, the amount of the increase cannot be predicted because it will dependon the number of share-based payments granted in fiscal 2007 and the thencurrent fair values.

 

Inaddition, during fiscal 2007 we anticipate that we will incur various severanceand other restructuring-related charges associated with our transition to acompany focused on aesthetic medicine, which we also expect to result in higherselling, general and administrative expenses for the fiscal year.

 

Researchand Development

 

Researchand development spending primarily supports our key strategic productdevelopment programs.

 

Researchand development expenses in fiscal 2006 increased $3.8 million to $29.0 millionfrom $25.2 million in fiscal 2005.  The increase in research anddevelopment spending was primarily to support key strategic product developmentprograms, including our silicone gel-filled breast implant regulatorysubmissions in the United States and Canada, our botulinum toxin project, U.S. clinicalstudies for our hyaluronic acid-based dermal filler product, PuragenTM, and thecontinued development of automated manufacturing technologies.  

 

We continueto be committed to a variety of clinical studies and laboratory tests inconnection with our silicone gel-filled and saline-filled mammary implants andother products.  

 

SeveranceCharges

During the fourth quarter offiscal 2005, two individuals resigned as directors and executive officers ofthe Company.  In connection with their resignation and severance agreements, weincurred $8.5 million in expenses, comprised of $4.1 million in cash expenseand $4.4 million in non-cash expense.  

Restructuring andLong-Lived Asset Impairment Charges  

During thefourthquarter of fiscal year 2005, we incurred $1.7 million in expenses related torestructuring of certain of our operations to achieve improved efficiencies andcertain long-lived assets that were determined to be impaired.  Therestructuring charges totaled $1.4 million and the impairment charges totaled$0.3 million.  

 

39

Interestand Other Income and Expense

Interest expense increased to$5.7 million in fiscal 2006, compared to $5.1 million in fiscal 2005.  Thesecosts included interest on our $150 million convertible subordinated notes at23⁄4% issued in December 2003, interest expense on balances outstanding under ourforeign lines of credit, commitment fees on our credit facilities andamortization of debt issuance costs.  The increase in interest expense wasprimarily attributable to higher commitment fees and was partially offset bylower borrowings on our international facilities.  

Interest income increased $2.1million to $4.1 million compared to $2.0 million in fiscal 2005, as a result ofgenerally higher rates of interest and higher balances of cash and cashequivalents available for investment.

Otherincome primarily includes gains or losses on sales of marketable securities andforeign currency gains or losses related to our foreign operations.  Otherincome decreased to $0.2 million from $0.5 million in the prior year. This decrease was the result of the increase in the Euro's relative strengthcompared to the U.S. dollar. 

 

IncomeTaxes

 

Oureffective rate of corporate income taxes was 29.0% in fiscal year 2006, a decreaseof 2.8% of pretax income from the 31.8% rate in fiscal year 2005.  This decreaseis a result of greater tax benefits associated with our foreign operations,lower state taxes and increased research and development credits.  In the fourthfiscal quarter of 2006, we repatriated $32.0 million in foreign profits, andestimated the tax liability on the repatriation was approximately $1.7 million. 

 

NetIncome from Continuing Operations and Earnings Per Share

 

Netincome from continuing operations in fiscal 2006 increased to $48.1 million from$42.8 million in fiscal 2005.  Earnings per share from continuingoperations increased 9.8% to $1.12 per share in fiscal 2006 from $1.02 pershare in fiscal 2005.  Diluted earnings per share from continuingoperations increased 8.6% to $1.00 for the fiscal year compared to $0.93 forfiscal 2005 as a result of additional net income, partially offset by aincrease in diluted weighted average shares outstanding used to calculatediluted earning per share.

 

Incomefrom Discontinued Operations, Net of Income Taxes

Income from discontinuedoperations, net of income taxes, represents the results of our former surgicalurology and clinical and consumer healthcare business segments, which were soldto Coloplast on June 2, 2006, as discussed above.  During fiscal 2006,income from discontinued operations, net of income taxes, increased 18% to$14.3 million from $12.1 million in the prior year.  This increase isthe result of an increase in net sales of $3.8 million, a decrease in costof sales of $3.9 million, and a decrease in research and developmentexpense of $1.9 million, partially offset by a $2.5 million increasein selling, general and administrative expense and a $4.2 million increasein income tax expense.  The increase in net sales was less than historic ratesof growth due to the disruption as a result of the aforementioned sale processin the second half of the fiscal year, the negative impact of foreign exchange movementsof $3.7 million, and the decrease of $1.9 million due to a planned reduction ofOEM contract revenue from $5.7 million to $3.8 million.  Cost of salesdecreased due to an improved manufacturing process, changes to a moreprofitable product mix following decreased OEM sales, and productrationalization.    The increased selling, general and administrative expenseswere partially offset by decreased restructuring and long-term asset impairmentcharges recorded in the fourth quarter of the prior year, and a favorableimpact of foreign exchange rate movements of $1.5 million.  Income tax expenserelated to discontinued operations increased due to an additional provisionrelated to open audit issues.  For further details regarding discontinuedoperations, See Note T of the Notes to Consolidated Financial Statements.

 

40

**YEARSENDED MARCH 31, 2005 AND 2004**

** **

Sales

During fiscal 2005, net salesincreased 15% to $251.7 million from $218.4 million in the prior year. Net sales of breast implant products increased 12% to $217.4 million from$194.1 million in the prior year.  Approximately $20.4 million of theincrease in breast implant product sales was attributable to organic growth inunit sales of our breast implants and associated products and approximately$3.0 million was the result of a favorable impact of foreign exchange ratemovements.  Increased net sales were driven by growth in the augmentationand reconstruction markets both domestically and internationally.  We sawoverall growth in domestic unit sales of breast implant products ofapproximately 12%.  We continued to see competitive price pressure in both thedomestic and international markets for breast implants.  Net sales of bodycontouring products increased 22% to $18.6 million from $15.3 million in theprior year.  Sales of our capital equipment, associated disposable products,and higher average selling prices were the leading contributors to our bodycontouring sales growth.  Other aesthetic products net sales increased 72% to$15.7 million in fiscal 2005 from $9.1 million in the prior year, primarily asa result of increased revenue from physician participation in our "ExtremeMentor" direct-to-consumer television advertising program which began inSeptember 2004.

Costof Sales 

 

Costof sales for fiscal 2005 was 25.7% of net sales, compared to 27.7% in fiscal2004.   This decrease is primarily due to favorable pricing on rawmaterials and overall improved manufacturing efficiencies at our Texas and Netherlandsfacilities in fiscal 2005.  

 

Selling,General and Administrative

 

Selling,general and administrative expenses increased $15.8 million to 34.3% of netsales in fiscal 2005 compared to 32.3% of net sales in fiscal2004.  We had generally higher levels of expenses at our foreignsales and manufacturing subsidiaries of approximately $2.0, of whichapproximately $1.0 million reflected the effect of foreign currency ratemovements, primarily the stronger Euro.  Also contributing to the increase wasapproximately $3.3 million in incentive compensation expenses associated withachieving specific operating targets, our direct to consumer televisionadvertising program, which was launched in September 2004, of approximately$3.0 million, and higher legal related expenses of approximately $3.2 milliondue to increased litigation expenses and other legal and corporate matters.  Inaddition, to a lesser extent, increased costs associated with compliance withthe Sarbanes-Oxley Act and increased support of sales and marketing contributedto the year over year increase.  

 

Researchand Development

 

Researchand development expenses in fiscal 2005 increased $4.1 million to $25.2 millionfrom $21.1 million in fiscal 2004.  The majority of the increase wasattributable to increased support for our silicone gel-filled breast implantregulatory submissions in the United  States and Canada,increased patient volume in our adjunct study, new clinical studies andlaboratory testing for our hyaluronic acid-based dermal filler product,PuragenTM, and our botulinum toxin project.  

 

SeveranceCharges

On February 16, 2005,Christopher J. Conway and Adel Michael each resigned as a director andexecutive officer of the Company.  In connection with resignation and severanceagreements entered into with them, we incurred a total of $8.5 million inexpenses in February 2005. 

As one of the co-founders ofour Company, and following 36 years of service, Mr. Conway received certainseverance compensation in the form of cash payments totaling $2.3 million andnon-cash benefits in the amount of $2.1 million related to the acceleratedvesting of his unvested and unexpired stock options.  In addition, Mr. AdelMichael, our former Vice Chairman, received severance compensation in the formof cash benefits in the amount of $1.8 million and non-cash benefits in theamount of $2.3 million related to the accelerated vesting of his unvested andunexpired employee stock options.  There were no similar charges in fiscal2004.

41

Restructuring and Long-LivedAsset Impairment Charges  

During thefourthquarter of fiscal year 2005, we incurred $1.7 million in expenses related torestructuring of certain of our operations to achieve improved efficiencies andcertain long-lived assets that were determined to be impaired.  Therestructuring charges totaled $1.4 million and the impairment charges totaled$0.3 million.  There were no similar charges in fiscal 2004.

Interestand Other Income and Expense

 

Interestexpense increased to $5.1 million in fiscal 2005, compared to $1.6 million infiscal 2004.  Approximately $4.9 million of the fiscal 2005 expense relatedto the 23⁄4% coupon and issuance cost amortization for our $150 millionconvertible subordinated notes issued in December 2003.  The increase in interestexpense was attributable to a full year of interest and amortization ofissuance costs on these notes in fiscal 2005.  In fiscal 2004, interest expenseincluded only four months of accrued interest payable and amortization of bondissue costs.  The remaining interest expense in fiscal 2005, was interest onbalances outstanding under our foreign lines of credit, which benefited fromlower rates of interest and lower levels of borrowings in fiscal 2005. 

 

Interestincome increased to $2.0 million in fiscal 2005, from $1.6 million in fiscal2004.  The increase was due to higher prevailing interest rates on shortterm investments, and slightly longer maturities, partially offset by lowerlevels of cash balances available for investment.  

 

Otherincome decreased to $0.5 million in fiscal 2005 from $1.0 million in the prioryear.  This decrease was the result of the less favorable impact of theEuro's relative strength compared to the U.S. dollar, and a decrease inrealized and unrealized gains and losses in our portfolio of marketablesecurities.  These decreases were partially offset by a one-time gain in fiscal2005 of approximately $0.5 million relating to insurance proceeds received tocover lost sales margin on finished goods inventory that was damaged.

 

IncomeTaxes

 

Oureffective rate of corporate income taxes remained relatively flat at  31.8% infiscal year 2005 compared to 31.9%in fiscal year 2004.

 

NetIncome from Continuing Operations and Earnings Per Share

 

Netincome from continuing operations in fiscal 2005 decreased $3.0 million to $42.8million from $45.8 million in fiscal 2004.  Earnings per share fromcontinuing operations was  $1.02 per share in fiscal 2005 and $1.01 per sharein fiscal 2004.  Diluted earnings per share from continuing operations decreased2.1% to $0.93 for the fiscal year compared to a restated $0.95 for fiscal2004.  (As required by EITF 04-8, we have retroactively restated dilutedearnings per share figures for fiscal 2004 for the impact of our convertiblesubordinated notes issued in December 2003.)  The effect of share repurchaseswas offset by the dilutive effect to earnings per share following the adoptionof EITF 04-8 which required the inclusion, for calculation purposes, ofadditional shares that are contingently issuable.  

 

Netincome from continuing operations in fiscal 2005 decreased to $42.8 millionfrom $45.8 million in fiscal 2004.  Increased net sales and lower cost ofsales as a percentage of sales in fiscal 2005 were offset by higher operatingexpenses, including severance, restructuring and long-lived asset impairmentcharges, as well as higher interest expense resulting in net income fromcontinuing operations being less than in fiscal 2004.

 

42

Incomefrom Discontinued Operations, Net of Income Taxes

Income from discontinuedoperations, net of income taxes, represents the results of our former surgicalurology and clinical and consumer healthcare business segments, which were soldto Coloplast on June 2, 2006, as discussed above.  During fiscal 2005,income from discontinued operations, net of income taxes, increased 34% to$12.1 million from $9.0 million in the prior year.  This increase isprimarily the result of an increase in net sales of $27.9 million,partially offset by a $10.4 million increase in selling, general andadministrative expense and a $2.5 million increase in income taxes.  The favorableimpact of foreign exchange rate variations contributed approximately $8.8million to the increase in sales while the remainder of the increase was due tocontinued market acceptance of our new products and/or line extensions, and an increasein unit sales for commodity type items.  Selling, general and administrativeexpenses increased as a result of restructuring and long-lived asset impairmentcharges of $6.8 million which were recorded in the fourth quarter of fiscal2005.  Income taxes related to discontinued operations increased due to an increasein state and foreign taxes and decrease in R&D credits.  For furtherdetails regarding discontinued operations, See Note T of the Notes toConsolidated Financial Statements.

 

Inflation

 

Wedo not believe that inflation has had a material effect on our financialcondition and results of operation for the reporting periods presented in thisreport.  We cannot be certain that inflation will not have a materialadverse effect on our business in the future.

 

RecentAccounting Pronouncements

 

InDecember 2004, the Financial Accounting Standards Board issued SFAS No. 123(R),"Share-Based Payment".  As of April 1, 2006, SFAS No. 123(R)requires us to account for our stock options using a fair-value-based method asdescribed in such statement and recognize the resulting compensation expense inour financial statements.  The majority of this compensation expense willbe captured in selling, general and administrative expenses.  SFAS 123(R) willalso require the benefits of tax deductions in excess of recognizedcompensation cost to be reported as a financing cash flow, rather than as anoperating cash flow as required under current literature.  This requirementwill reduce net operating cash flows and increase net financing cash flows inperiods after adoption.  Prior to April 1, 2006,we accounted for our employee stock options using the intrinsic value methodunder APB Opinion No. 25, "Accounting for Stock Issued to Employees" and relatedinterpretations, which generally results in no employee stock option expense.  

 

**LIQUIDITYAND CAPITAL RESOURCES**

Cash provided by operatingactivities and from the exercise of employee stock options has been our primaryrecurring source of funds.  We recently completed the sale of our UrologyBusiness to Coloplast for total consideration of $463 million, which is subjectto customary post-closing adjustments and includes non-cash considerationconsisting of the value of certain foreign tax credits that Mentor expects torealize arising from the transaction prior to the close.  On the closing dateof June 2, 2006, we received $446 million in cash from Coloplast, andan additional $10 million is held under an escrow agreement in connection withthe transaction.  After expenses, we expect net after tax proceeds from thesale to be approximately $340 million.  We believe that existing funds, cashgenerated from continuing operations, and existing sources of and access tofinancing are adequate to satisfy our working capital, capital expenditure, anddebt service requirements for the foreseeable future.  We believe that the lossof future cash flows from our discontinued surgical urology and clinical andconsumer healthcare segments will not have a significant negative impact on ourfuture finance levels, terms of financing or covenants.  Cash flows have beensegregated between continuing operations and discontinued operations in theaccompanying Consolidated Statements of Cash Flows.  

43

As of March 31, 2006, wehad cash, cash equivalents and short-term marketable securities of $201.0million, an increase of $88.1 million or 78%, compared to $112.9 million as of March 31, 2005.  Theprincipal components of the increase in cash, cash equivalents and marketablesecurities were cash generated from operating activities of continuingoperations of $99.0 million, cash generated from operating activities ofdiscontinued operations of $25.4 million, proceeds of $43.6 million from theexercise of employee stock options and stock purchases under our Employee StockPurchase Plan, net borrowings under line of credit agreements of $13.0 millionfor continuing operations, offset by $30.0 million in dividends paid, $42.8million for shares repurchased, $10.1 million used for net capital expendituresof continuing operations, $4.4 million used for net capital expenditures ofdiscontinued operations, and $2.2 million for repayment of debt on our foreignlines of credit for discontinued operations.

We invest excess cash inmarketable securities that are highly liquid, of high-quality investment grade,and which have varying maturities.  Our short-term marketable securitiesconsist primarily of state and municipal government and government agencyobligations, Federal Home Loan Bank and Mortgage Association bonds, andinvestment grade corporate obligations, including commercial paper. 

As of March 31,

(in  thousands)

**2006**

2005

Cash  and cash equivalents

** $**

**98,713 **

 $

76,666 

Marketable  debt securities

**102,241 **

36,228 

Total  cash, cash equivalents and marketable debt securities

** $**

**200,954 **

 $

112,894 

Percentage  of total assets

**36%**

24%

 

**CashFlow Changes**

The following table summarizes our cashflow activity: 

Year Ended March 31,

(in  thousands)

**2006**

2005

2004

Net cash	provided by operating activities of continuing operations
** $**
**99,044 **

 $

62,591 

$

62,222 

Net cash	used by investing activities of continuing operations

**(76,052)**

(35,032)

(29,902)

Net cash	used in financing activities of continuing operations

**(16,122)**

(99,894)

(17,799)

Net cash	provided by (used by) discontinued operations

**15,957 **

30,128 

(2,429)

Effect of	currency exchange rates on cash and cash equivalents 

**(780)**

648 

293 

Increase	(decrease) in cash and cash equivalents
** $**
**22,047 **

 $

(41,559)

$

12,385 

*Cash Provided by Operating Activities of ContinuingOperations*

Cash provided by operatingactivities of continuing operations of $99.0 million, $62.6 and $62.2 millionfor the years ended March 31, 2006, 2005 and 2004, respectively, was greater than netincome in those years, due to the net impact of non-cash adjustments toincome.  Non-cash adjustments include tax benefits from the exercise ofemployee stock options, depreciation and amortization, deferred income taxesand loss on the disposal of assets.  For the years ended March 31, 2006, 2005and 2004, operating cash flows were positively impacted in the amount of $12.0million, $0.3 million and $10.0 million, respectively, by changes in workingcapital balances.  Our working capital was $210.0 million at March 31, 2006, and $148.4million at March 31, 2005.  

44

*Cash Used for InvestingActivities of Continuing Operations*

Cash used in investingactivities of continuing operations was primarily attributable to purchases andsales of marketable debt and equity securities, as well as capital expenditureson property and equipment and intangibles.  For the year ended March 31, 2006, totalcash used in investing activities of continuing operations was $76.0 million. Our net purchases of marketable securities totaled $66.0 million and ourcapital expenditures totaled $10.1 million.  We anticipate our capitalexpenditures to total approximately $10.0 million in fiscal 2007, as we willcontinue to invest in facility improvements, software to support ourmanufacturing processes, and production equipment.  For the year ended March 31, 2005, totalcash used in investing activities of continuing operations was $35.0 million. This amount was comprised of net investments of $27.9 million in marketablesecurities, $7.4 million in capital expenditures and $0.2 million in otherinvestment activities.

*Cash Provided by Discontinued Operations*

Cash provided by discontinuedoperations was $16.0 million and $30.1million for the years ended March 31, 2006and 2005, respectively.  This amount in 2006 was comprised of $25.4 millionprovided by operating activities of discontinued operations, less capitalexpenditures of $4.4 million, $2.2 million repaid on lines of credit, $0.8million in loans made and $2.0 million in currency exchange rate adjustments.  In2005, the amount was comprised of $34.5 million provided by operatingactivities of discontinued operations and $0.3 million in currency exchangerate adjustments, less capital expenditures of $2.8 million and $1.9 millionrepaid on lines of credit.

*Cash Used for FinancingActivities of Continuing Operations*

Net cash from financingactivities is primarily a result of cash provided by employee stock optionexercises, cash used in payments of dividends and our stock repurchase program,and the net impact of our debt financing activities. 

We have a stock repurchase program, primarily tooffset the dilutive effect of our employee equity compensation program, toprovide liquidity to the market, and to reduce the overall number of sharesoutstanding.  All shares repurchased under the program are retired and areno longer deemed to be outstanding.  During the quarter ended March 31, 2006 ourBoard of Directors authorized an additional 5 million shares for repurchaseunder our repurchase program.  As part of that repurchase program, a total of approximately996,000 shares were repurchased from two directors who retired during thequarter.  These shares were purchased on March 2, 2006 forapproximately $42.8 million at $43.00 per share, a discount from the marketclosing price quotation from the NYSE of $44.37 on that date.  During thequarter ended December 31, 2004, 2.3 million shares were repurchased for $79.8million.  The December 2004 repurchase included the repurchase of 2.25 millionshares from two investment partnerships managed by VA Partners, LLC, which wasat the time, our largest shareholder.  On June 5, 2006,we agreed to repurchase 2 million additional shares from an investmentpartnership managed by ValueAct Capital at $42.00 per share, a discount fromthe closing market price quoted on the NYSE of $42.21 on thatdate.  The 2.0 million shares were repurchased for a total of $84million pursuant to the Company's continuing stock repurchase program.  Mr.Jeff Ubben, managing director of ValueAct Capital, is a member of our Board ofDirectors.  The repurchase of these shares was pre-approved by the AuditCommittee and the Board of Directors with interested parties abstaining or notin attendance. 

AtJune 11, 2006, approximately 3.3 million shares remained authorizedfor repurchase.  The timing of our repurchases is subject to market conditions,cash availability, and blackout periods during whichwe are restricted from repurchasing shares.  There is no guarantee thatshares authorized for repurchase by the Board will ultimately be repurchased. Additionally, our Credit Agreement as amended on May 31, 2006 limits the amount ofequity securities we can repurchase to $250 million (of which $166 millionremains available for repurchase) plus a subsequent amount during any fourconsecutive quarters equal to our consolidated net income less dividends paidfor the preceding four quarters.  

45

OnSeptember 15, 2005, the Board of Directors authorized an increase in ourquarterly cash dividend payable on our common stock from $.17 to $.18 pershare.  Previously, in September 2004, the Board of Directors authorized anincrease in the quarterly dividend rate from $0.15 per share to $0.17 per shareand, in July 2003, the Board of Directors declared an increase in the quarterlydividend rate from $0.02 per share to $0.15 per share.  It is our intent tocontinue to pay dividends for the foreseeable future subject to, among otherthings, Board approval, cash availability, debt and line of credit restrictionsand alternative cash needs.  At the current annual dividend rate of $0.72per share, the aggregate annual dividend would be approximately $30 million.

Wereceive cash from the exercise of employee stock options.  Employee stockoption exercises and ESPP purchases provided $43.6 million and $11.5 million ofcash in fiscal 2006 and 2005, respectively.  Proceeds from the exercise ofemployee stock options will vary from period to period based upon, among otherfactors, fluctuations in the market value of our common stock relative to theexercise price of such options.

 

**FinancingArrangements**

*Senior Credit Facility*

On May 26, 2005, weentered into a three-year Credit Agreement ("Credit Agreement") that providesus with a $200 million senior revolving credit facility, subject to a $20million sublimit for the issuance of standby and commercial letters of credit,a $10 million sublimit for swing line loans, and a $50 million alternative currencysublimit.  At our election and subject to lender approval, the amount availablefor borrowings under the Credit Agreement may be increased by an additional $50million.  Funds are available under the Credit Agreement to finance permittedacquisitions, stock repurchases up to certain dollar limitations, and for othergeneral corporate purposes.  The Company has three standby letters of credittotaling $2 million outstanding under the Credit Agreement.  Accordingly,although there were no borrowings outstanding under the Credit Agreement at March 31, 2006, only$198 million was available for borrowings.  

On May 31, 2006, weamended the Credit Agreement to permit the consummation of the sale of our UrologyBusiness.  Additionally, the amendment modified the minimum AdjustedConsolidated EBITDA covenant that we are required to comply with under theterms of the Credit Agreement.  The amendment also amends certain negativecovenants contained in the Credit Agreement, including amendments to thecovenants restricting our ability to make investments and incur indebtednessand an amendment increasing the amount of our equity securities that we arepermitted to repurchase.  As of June 11, 2006, there were no borrowingsoutstanding under the Credit Agreement.

Intereston borrowings (other than swing line loans and alternative currency loans)under the Credit Agreement is at a variable rate that is calculated, at ouroption, at the prime rate, or a Eurocurrency rate for deposits denominated inU.S. dollars plus an additional percentage that varies between 1.00% and 1.65%,depending on our senior leverage ratio at the time of the borrowing.  Swingline loans bear interest at the prime rate.  Alternative currency loans bearinterest at the Eurocurrency rate for deposits denominated in the applicablecurrency plus the same additional percentage.  In addition, we paid certainfees to the lenders to initiate the Credit Agreement and will pay an unusedcommitment fee based on our senior leverage ratio and unborrowed lender commitments.

 

Borrowingsunder the Credit Agreement are guaranteed by certain of our domesticsubsidiaries and are also secured by a pledge of 100% of the outstandingcapital stock of certain of our other domestic subsidiaries.  In addition, ifthe ratio of total funded debt to adjusted earnings before interest, taxes,depreciation and amortization (or "adjusted EBITDA"), exceeds 2.50 to 1.00,then we are obligated to grant to the lenders a first priority perfectedsecurity interest in essentially all of our and our material domesticsubsidiaries' assets. 

The Credit Agreement imposes certainfinancial and operational restrictions, including financial covenants thatrequire us to maintain a maximum consolidated funded debt leverage ratio of notgreater than 4.00 to 1.00, a senior funded debt ratio of not greater than 2.50to 1.00, a minimum quarterly adjusted EBITDA, and a minimum fixed charge ratioof greater than 1.25 to 1.00.  The covenants also restrict our ability, amongother things, to make certain investments, incur certain types of indebtednessor liens, make acquisitions in excess of $20 million except in compliance withcertain criteria, and repurchase shares of common stock, pay dividends ordispose of assets above specified thresholds.  The Credit Agreement alsocontains customary events of default, including payment defaults, materialinaccuracies in our representations and warranties, covenant defaults,bankruptcy and involuntary proceedings, monetary judgment defaults in excess ofspecified amounts, cross-defaults to certain other agreements, change ofcontrol, and ERISA defaults.

46

*Other Financing*

On October 4, 2005,Mentor Medical Systems B.V. ("Mentor BV"), a wholly-owned subsidiary of Mentor Corporationentered into a Loan and Overdraft Facility (the "Facility") with CooperativeRaboBank Leiden, Leiderdorp en Oestgstgeest U.A. ("RaboBank").

The Facility provides Mentor BV withan initial €15 million loan and overdraft facility, which decreases by €375,000quarterly starting in September 2006.  Under the Facility, Mentor BV mayborrow up to €12.5 million in fixed amount advances, with terms of three to sixmonths, and a further sublimit of up to €5 million of loans in fixed amountadvances with a term of up to 5 years.  Up to €10 million of the Facility maybe drawn in the form of U.S. dollars.  Funds under the Facility are availableto Mentor BV to finance certain dividend payments to MentorCorporation and for other normal business purposes.  On March 31, 2006 weborrowed $14 million under the Facility to partially fund our repatriation offoreign earnings for reinvestment in the U.S. and this amount remains outstanding as of June 11, 2006. Accordingly $14.0 million was outstanding and $4.2 million was available underthis facility at March 31, 2006.

Interest on borrowings underthe Facility is at a rate equal to 0.55% over the RaboBank base lending rate,Euribor, or LIBOR depending upon the currency and term of each borrowing. Interest rates on borrowings other than overdrafts, are fixed for the term ofthe advance.

Borrowings by Mentor BVunder the Facility are guaranteed by Mentor's wholly-owned subsidiary, Mentor Medical SystemsC.V., through a Joint and Several Debtorship agreement.  In addition,borrowings under the Facility are secured by a mortgage on certain real estateowned by Mentor BV.

The Facility imposes certainfinancial and operational restrictions on Mentor BV, including financialcovenants that require Mentor BV and Mentor Medical Systems CV to maintain aminimum combined defined solvency ratio, a maximum combined debt leverage ratioof not greater than 4 to 1, a senior funded debt ratio of not greater than 2.5to 1, minimum quarterly operational results, and a minimum interest coverageratio of greater than 5 to 1.  The Facility also contains customary eventsof default, including cross default and material or adverse changeprovisions.  If an event of default occurs, the commitments under theFacility may be terminated and the principal amount and all accrued but unpaid interestand other amounts owed thereunder may be declared immediately due and payable. As of March 31, 2006, all covenants and restrictions had been satisfied.

Mentor BV paid €15,000 in certain fees to the RaboBank uponentry into the Facility, and Mentor BV will be obligated to pay, over the 10 year term ofthe Facility, a commitment fee of 0.25% of the committed and unborrowedbalances.  Fees are payable quarterly in arrears.  

In addition to our RaboBankFacility, we previously established several lines of credit with local foreignlenders to facilitate operating cash flow needs at our foreign Urologysubsidiaries.  These unsecured lines had no borrowings at year end andwere terminated with the sale of our Urology segments on June 2, 2006. 

At March 31, 2006,our total short-term borrowings under all lines of credit were $14.0 millionand the weighted-average interest rate was 5.49%.  The total amount ofadditional borrowings available to us under all lines of credit was $202.2million and $5.8 million at March 31, 2006and 2005, respectively.  The increase in the amounts available from theprior year is primarily due to the addition of our new $200 million SeniorCredit facility in May 2005.  

47

*Convertible Subordinated Notes*

On December 22, 2003,we completed an offering of $150 million of convertible subordinated notes due January 1, 2024,pursuant to Rule 144A under the Securities Act of 1933.  The notes bear interestat 23⁄4% per annum and are convertible into shares of our common stock at aninitial conversion price of $29.289 per share and are subordinated to allexisting and future senior debt.  As a result of our recent dividend increasethe conversion price has been adjusted to $29.167 and each $1,000 principleamount will be convertible into 34.2853 shares of common stock.  Concurrent with the issuance of the convertible subordinated notes, we enteredinto a convertible bond hedge and warrants transactions with respect to ourcommon stock, the exposure for which is held by Credit Suisse First Boston LLCfor a net cash payment of $18.5 million.  Both the bond hedge and thewarrants transactions may be settled at our option either in cash or net sharesand expire January 1, 2009.  The convertible bond hedge and warrantstransactions combined are intended to reduce the potential dilution fromconversion of the notes by effectively increasing the conversion price pershare, from our perspective, to approximately $39.2633.

One of the conditions required for conversionof the notes was satisfied during the quarter ended March 31, 2006, and accordingly,the holders of notes have the option to convert the notes into common shares atthe aforementioned adjusted conversion price per share.  The warrantholder also has the right to purchase 5.1 million shares when the share priceof our common stock as quoted on the NYSE exceeds the current exercise price of$39.2633 per share.

Contractual Obligations and Commitments

The following table summarizes oursignificant contractual obligations and other commitments at March 31, 2006, andthe effect such obligations are expected to have on our liquidity and cashflows in future periods.  Certain of the obligations shown below were assumedby Coloplast, the buyer of our Urology Business and thus are not contractualobligations for us subsequent to the close of the sale on June 2, 2006.   

Payments  Due by Period

(in thousands)

Less  than

1-3

4-5

More  than

**Contractual  Obligations**

Total

1  Year

Years

Years

5  Years

Convertible notes

 $

150,000 

 $

- 

 $

150,000 

 $

- 

 $

- 

Operating lease obligations1 

44,794 

6,793 

18,605 

10,195 

9,201 

Purchase obligations2

16,429 

16,429 

- 

- 

- 

Interest on debt

11,358 

4,125 

7,233 

- 

- 

Lines of credit

14,000 

14,000 

- 

- 

- 

Credit agreement (commitment fees)

1,152 

443 

519 

76 

114 

Acquisition and other milestones3

1,000 

1,000 

- 

- 

- 

Other long-term liabilities4

8,661 

433 

1,299 

866 

6,063 

   Total 

 $

247,394 

 $

43,223 

 $

177,656 

 $

11,137 

 $

15,378 

 

1
On June 2, 2006, inconnection with the sale of our Urology Business, our operating leaseagreements relating to the Urology Business were assigned to Coloplast.  As aresult, our future payments due under our outstanding lease agreementsdecreased by a total of $9.6 million ($2.0 million due in less thanone year, $4.8 million due in one to three years, $2.1 million due in fourto five years, and $0.7 million due in more than five years).
2
On June 2, 2006, also in connection with the sale ofour Urology Business, our purchase obligations relating to the Urology Businesswere assigned to Coloplast.  As a result, our future payments due under ourpurchase obligations decreased by a total of $6.7 million.
3
On June 2, 2006, also in connection with the sale of our Urology Business,our acquisition and other milestones relating to the Urology Business wereassigned to Coloplast.  As a result, our future payments due under our acquisitionand other milestones decreased by a total of $1.0 million.
4
On June 2, 2006, also in connection with the sale ofour Urology Business, our other long-term liabilities relating to the UrologyBusiness were assigned to Coloplast.  As a result, our future payments dueunder our other long-term liabilities decreased by a total of $7.8 million($0.4 due in less than one year, $1.2 million due in one to three years, $0.8million due in four to five years, and $5.4 million due in more than fiveyears).
 

48

The nature of our businesscreates a need to enter into purchase obligations with suppliers.  Inaccordance with accounting principles generally accepted in the United States,these unconditional purchase obligations are not reflected in the accompanyingconsolidated balance sheets.  Inventory related and other purchaseobligations do not exceed our projected requirements over the normal course ofbusiness.  

We enter into various product andintellectual property acquisitions and business combinations.  Inconnection with some of these activities, we agree to make payments to thirdparties when specific milestones are achieved, such as receipt of regulatoryapprovals or achievement of performance or operational targets.  

The expected timing of payment of theobligations discussed above is estimated based on current information. Timing of payments and actual amounts paid may be different depending on thetime of receipt of goods or services or changes to agreed-upon amounts for someobligations.  Amounts disclosed as contingent or milestone-based obligationsare dependent on the achievement of the milestones or the occurrence of thecontingent events and can vary significantly.

We do not have any off-balance sheetarrangements that are currently material or reasonably likely to be material toour financial position or results of operations. 

We believe that funds generated fromoperations, our cash, cash equivalents and marketable securities, net after-taxproceeds from our sale of the Urology Business received subsequent to year end,plus funds available under our line of credit agreements will be adequate tomeet our working capital needs and capital expenditure investment requirementsand commitments for the foreseeable future.  However, it is possible thatwe may need to raise additional funds to finance unforeseen requirements or toconsummate acquisitions of other businesses, products or technologies throughthe sale of equity or debt securities to the public or to selected investors,or by borrowing money from financial institutions.  In addition, eventhough we may not need additional funds in the short-term, we may still electto sell additional equity or debt securities or borrow for other reasons. There are no assurances that we will be able to obtain additional funds onterms that would be favorable to us, or at all.  If funds are raised byissuing additional equity securities or convertible debt securities, theownership percentage of existing shareholders would be reduced.  Inaddition, equity or debt securities issued by us may have rights, preferencesor privileges senior to those of our common stock.

**ITEM 7A.**

**QUANTITATIVE  AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

The following discussion about our marketrisks involves forward-looking statements.  Actual results could differmaterially from those projected in the forward-looking statements.  We areexposed to market risk related to fluctuations in interest rates and foreignexchange rates.  We generally do not use derivative instruments. 

*InterestRate Risk*

 

Wemaintain a portfolio of highly liquid cash equivalents with maturities of threemonths or less from the date of purchase.  We also have current marketablesecurities, consisting primarily of tax exempt variable demand notes,government agency obligations, Federal Home Loan Bank and Mortgage Associationbonds with maturities on or before March, 2007, and investment grade corporateobligations, including commercial paper that are of limited credit risk andhave contractual maturities of less than two years.  Given the relative short-termnature of these investments, we do not expect to experience any material impactupon our results of operation as a result of changes to interest rates relatedto these investments.

 

On December 22, 2003, wecompleted an offering of $150 million of convertible subordinated notes due January 1, 2024pursuant to Rule 144A under the Securities Act of 1933.  The notes bearinterest at a fixed rate of 23⁄4% per annum.  Our subsidiaries also maintaincertain levels of variable rate debt such as operating lines of credit. The majority of our debt carries a fixed rate percentage and therefore is notsubject to significant interest rate risk.  A 100 basis point change ininterest rates would not have a material impact on our results of operations orfinancial condition related to the variable rate debt described

 

49

*ExchangeRate Risk*

A portion of our operations consist of salesactivities in foreign markets.  We manufacture our products primarily inthe United States and Europe and sell them throughout the world through acombination of wholly owned sales offices and international distributors. Sales to third-party distributors and to the wholly owned sales offices aretransacted in U.S. dollars, Euros, British Pounds, and Canadiandollars.  Our foreign sales offices primarily invoice customers in theirlocal currency.

As a result, our financial results could besignificantly affected by factors such as changes in foreign currency exchangerates or weak economic conditions in the foreign markets mentioned.  Theprincipal risk exposure we face results from fluctuation in foreign exchangerates.  We experience transactional exchange rate risk when one of oursubsidiaries enter into transactions denominated in currencies other than theirlocal currency.  In the last two fiscal years, the effect of exchange raterisk has been favorable upon our operating results and financialcondition.  We do not currently hedge any of the foreign exchange rateexposures.  A significant and rapid change in foreign exchange rates couldhave a material adverse effect upon our results of operations.

**ITEM 8.**

**FINANCIAL STATEMENTS AND  SUPPLEMENTARY DATA.**

The information required by this Item issubmitted pursuant to Item 15 of this Annual Report on Form 10-K andincorporated herein by reference.

**ITEM 9.**

**CHANGES IN AND  DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND  FINANCIAL DISCLOSURE.**

None.

**ITEM 9A.**

**CONTROLS AND  PROCEDURES.**

We maintain disclosurecontrols and procedures (as defined in Rules 13a-15(e) and 15d-15(e) underthe Securities Exchange Act of 1934, as amended (the "Exchange Act"))that are designed to ensure that information required to be disclosed in ourreports filed or submitted under the Exchange Act, is recorded, processed,summarized and reported within the time periods specified in the SEC's rulesand forms, and that such information is accumulated and communicated to ourmanagement, including our Chief Executive Officer and Chief Financial Officer,as appropriate, to allow timely decisions regarding required disclosure.  Indesigning and evaluating the disclosure controls and procedures, managementrecognized that any controls and procedures, no matter how well designed andoperated, can provide only reasonable assurance of achieving the desiredcontrol objectives, and management necessarily was required to apply itsjudgment in evaluating the cost-benefit relationship of possible controls andprocedures.

We carried out an evaluationunder the supervision and with the participation of management, including ourChief Executive Officer and Chief Financial Officer, of the effectiveness ofthe design and operation of our disclosure controls and procedures as of March 31, 2006, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief FinancialOfficer concluded that our disclosure controls and procedures were effective atthe reasonable assurance level as of March 31, 2006.

Further, management hasdetermined that, there have been no changes in our internal control overfinancial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under theExchange Act) during the quarter ended March 31, 2006that materially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.

50

**Management's Report on Internal Control Over Financial Reporting**

 

Managementof the Company is responsible for establishing and maintaining adequateinternal control over financial reporting, as such term is defined in Rule13a-15(f) under the Securities Exchange Act of 1934.  The Company's internalcontrol over financial reporting is designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles in the U.S.  However, all internal control systems, no matter howwell designed, have inherent limitations.  Therefore, even those systemsdetermined to be effective can provide only reasonable assurance with respectto financial statement preparation and reporting.

 

Managementassessed the effectiveness of the Company's internal control over financialreporting as of March 31, 2006.  In making this assessment, management used thecriteria set forth by the Committee of Sponsoring Organization of the TreadwayCommission (COSO) in Internal Control-Integrated Framework.  Based onour assessment, management believes that the Company maintained effective internalcontrol over financial reporting as of March 31, 2006based on those criteria.

 

Management'sassessment of the effectiveness of the Company's internal control overfinancial reporting has been audited by Ernst & Young, LLP, an independentregistered public accounting firm, as stated in their report appearing below,which expresses unqualified opinions on management's assessment and on theeffectiveness of the Company's internal control over financial reporting as of March 31, 2006.

 

 

 

 

51

**Report of IndependentRegistered Public Accounting Firm**

**on Internal Control Over Financial Reporting**

 

TheBoard of Directors and Shareholders of Mentor Corporation

 

Wehave audited management's assessment, included in the accompanying Management'sReport on Internal Control Over Financial Reporting, that Mentor Corporation(the "Company") maintained effective internal control over financial reportingas of March 31, 2006, based on criteria established in Internal Control -Integrated Framework issued by the Committee of Sponsoring Organizations of theTreadway Commission (the COSO criteria).  The Company's management is responsiblefor maintaining effective internal control over financial reporting and for itsassessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on management's assessment and anopinion on the effectiveness of the company's internal control over financialreporting based on our audit.

 

Weconducted our audit in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan and performthe audit to obtain reasonable assurance about whether effective internalcontrol over financial reporting was maintained in all material respects.  Ouraudit included obtaining an understanding of internal control over financialreporting, evaluating management's assessment, testing and evaluating thedesign and operating effectiveness of internal control, and performing suchother procedures as we considered necessary in the circumstances.  We believethat our audit provides a reasonable basis for our opinion.

 

Acompany's internal control over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles.  A company's internal controlover financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately andfairly reflect the transactions and dispositions of the assets of the company;(2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generallyaccepted accounting principles, and that receipts and expenditures of thecompany are being made only in accordance with authorizations of management anddirectors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition, use, or dispositionof the company's assets that could have a material effect on the financialstatements.

 

Becauseof its inherent limitations, internal control over financial reporting may notprevent or detect misstatements.  Also, projections of any evaluation ofeffectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate. 

 

Inour opinion, management's assessment that Mentor Corporation maintainedeffective internal control over financial reporting as of March 31, 2006, isfairly stated, in all material aspects, based on the COSO criteria. Also, in our opinion, Mentor Corporation maintained, in all material respects,effective internal control over financial reporting as of March 31, 2006, basedon the COSO criteria.

 

Wehave also audited, in accordance with the standards of the Public Company AccountingOversight Board (United States), the consolidated balance sheets of MentorCorporation as of March 31, 2006 and 2005 and related consolidated statements of income,shareholders' equity and cash flows for each of the three years in the periodended March 31, 2006 and our report dated June 12, 2006 expressed anunqualified opinion thereon.

 

                                                                                                                /s/Ernst& Young LLP

 

Los Angeles, California

June 12, 2006

 

 

52

**ITEM  9B.**

**OTHER  INFORMATION.**

 

None.

** **

**PARTIII**

 

**ITEM  10.**

**DIRECTORS  AND EXECUTIVE OFFICERS OF THE REGISTRANT.**

 

Theinformation required by this Item with respect to our Executive Officers is setforth in Item 1, Business.  Other required information is hereby incorporatedby reference to information under the heading "Election of Directors" in ourProxy Statement for the Annual Meeting of Shareholders to be filed with theSecurities and Exchange Commission within 120 days of the close of the fiscalyear ended March 31, 2006. 

 

**ITEM 11.**

**EXECUTIVE COMPENSATION.**

 

Theinformation required by this Item is herein incorporated by reference toinformation under the heading "Executive Compensation and Other Information" inour Proxy Statement for the Annual Meeting of Shareholders to be filed with theSecurities and Exchange Commission within 120 days of the close of the fiscalyear ended March 31, 2006. 

** **

**ITEM  12.**

**SECURITY  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND  RELATED STOCKHOLDER MATTERS.**

 

Theinformation required by this Item is herein incorporated by reference toinformation under the heading "Ownership of Securities" in our Proxy Statement forthe Annual Meeting of Shareholders to be filed with the Securities and ExchangeCommission within 120 days of the close of the fiscal year ended March 31, 2006.

 

**ITEM  13.**

**CERTAIN  RELATIONSHIPS AND RELATED TRANSACTIONS.**

 

Theinformation required by this Item is herein incorporated by reference toinformation under the heading "Certain Transactions" in our Proxy Statement forthe Annual Meeting of Shareholders to be filed with the Securities and ExchangeCommission within 120 days of the close of the fiscal year ended March 31, 2006.

 

**ITEM 14.**

**PRINCIPAL ACCOUNTANT FEES AND  SERVICES.**

 

Theinformation required by this Item is herein incorporated by reference toinformation under the heading "Ratification of Independent Auditors" in ourProxy Statement for the Annual Meeting of Shareholders to be filed with theSecurities and Exchange Commission within 120 days of the close of the fiscalyear ended March 31, 2006.

 

 

53

**PARTIV**

 

**ITEM 15.**

**EXHIBITS AND  FINANCIAL STATEMENT SCHEDULES. **

(a) (1)   

Consolidated  Financial Statements

Report of Ernst & Young LLP,  Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of March 31, 2006 and  2005 

Consolidated Statements of Income for the  Years Ended March 31, 2006, 2005 and 2004

Consolidated Statements of Changes in  Shareholders' Equity for the Years Ended March 31, 2006,  2005 and 2004

Consolidated Statements of Cash Flows for  the Years Ended March 31, 2006, 2005 and 2004

Notes to Consolidated Financial Statements

(a) (2)

Consolidated Financial Statement  Schedules

Schedule II - Valuation and Qualifying  Accounts and Reserves 

All other schedules are omitted because  they are not required, inapplicable, or the information is otherwise shown in  the consolidated financial statements or notes thereto.

(a) (3)

Exhibits

The information required by this item is  incorporated by reference to the Exhibit Index in this report. 

 

 

54

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**ON THE FINANCIAL STATEMENTS**

 

The Boardof Directors and Shareholders of Mentor Corporation

 

Wehave audited the accompanying consolidated balance sheets of Mentor Corporationas of March 31, 2006 and 2005, and the related consolidated statements ofincome, changes in shareholders' equity and cash flows for each of the threeyears in the period ended March 31, 2006. Our audits also included the financial statement schedule listed in the Indexat Item 15(a)(2).  These financial statements and schedule are theresponsibility of the Company's management.  Our responsibility is toexpress an opinion on these financial statements and schedule based on ouraudits.

 

Weconducted our audits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements.  An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe thatour audits provide a reasonable basis for our opinion.

 

Inour opinion, the financial statements referred to above present fairly, in allmaterial respects, the consolidated financial position of Mentor Corporation atMarch 31, 2006 and 2005, and the consolidated results of itsoperations and its cash flows for each of the three years in the period ended March 31, 2006, inconformity with U.S. generally accepted accounting principles.  Also, inour opinion, the related financial statement schedule, when considered inrelation to the basic financial statements taken as a whole, presents fairly inall material respects the information set forth therein.

 

Wealso have audited, in accordance with the standards of the Public Company AccountingOversight Board (United States), the effectiveness of Mentor Corporation'sinternal control over financial reporting as of March 31, 2006, based on criteriaestablished in Internal Control - Integrated Framework issued by the Committeeof Sponsoring Organizations of the Treadway Commission and our report dated June12, 2006 expressed an unqualified opinion thereon.

 

/s/ERNST & YOUNG LLP

 

Los  Angeles, CaliforniaJune 12, 2006

 

 

 

55

** **

**MENTOR CORPORATION**

**CONSOLIDATED BALANCE SHEETS**
 
March 31,

(in thousands)

**2006**

2005

**Assets**

Current  assets:

   Cash and cash equivalents

** $**

**98,713 **

 $

76,666 

   Marketable securities

**102,241 **

36,228 

   Accounts receivable, net of allowance for doubtful accounts       of $4,616 in 2006 and $3,839 in 2005

**58,199 **

57,218 

   Inventories

**35,139 **

34,805 

   Deferred income taxes

**21,764 **

20,045 

   Prepaid expenses and other

**14,716 **

13,648 

Current  assets of discontinued operations

**96,070 **

100,262 

Total  current assets

**426,842 **

338,872 

** **

Property  and equipment, net

**36,448 **

36,971 

Intangible  assets, net

**15,745 **

17,251 

Goodwill,  net

**9,243 **

9,031 

Other  assets

**8,310 **

10,099 

Non-current  assets of discontinued operations

** **

**60,264 **

65,882 

       Total assets

** $**

**556,852 **

 $

478,106 

** **

**Liabilities and shareholders' equity**

** **

Current  liabilities:

** **

   Account payable and accrued liabilities

** $**

**97,144 **

 $

79,998 

   Income taxes payable

**1,837 **

2,281 

   Dividends payable

**7,772 **

6,927 

   Short-term bank borrowings

**14,000 **

970 

Current  liabilities of discontinued operations

**29,971 **

36,298 

Total  current liabilities

**150,724 **

126,474 

** **

** **

Long-term  accrued liabilities

**18,984 **

15,385 

Convertible  subordinated notes

**150,000 **

150,000 

Non-current  liabilities of discontinued operations

**10,555 **

13,720 

Commitments  and contingencies

** **

** **

Shareholders'  equity:

** **

   Common Stock, $.10 par value:

** **

      Authorized - 150,000,000 shares; issued and outstanding

** **

      43,176,495 shares in 2006;

** **

      40,745,626 shares in 2005;

**4,318 **

4,075 

   Capital in excess of par value

**36,726 **

8,419 

   Accumulated other comprehensive income 

**16,498 **

22,534 

   Retained earnings

**169,047 **

137,499 

     Total shareholders' equity

**226,589 **

172,527 

        Total liabilities and shareholders' equity 

** $**

**556,852 **

 $

478,106 

See notes to consolidated financial statements.

 
56

**MENTOR CORPORATION**

**CONSOLIDATED STATEMENTS OF INCOME**

Year Ended March 31,

(in thousands, except per share data)

**2006**

2005

2004

Net  sales

** $**

**268,272 **

 $

251,726 

 $

218,437 

** **

   Cost of sales

**69,209 **

64,576 

60,583 

Gross  Profit

**199,063 **

187,150 

157,854 

** **

   Selling, general, and administrative

**100,962 **

86,351 

70,581 

   Research and development

**29,036 **

25,234 

21,067 

   Severance charges

**- **

8,519 

- 

   Restructuring & long-lived asset impairment charges

**- **

1,665 

- 

**129,998 **

121,769 

91,648 

** **

Operating  income from continuing operations

**69,065 **

65,381 

66,206 

** **

   Interest expense

**(5,690)**

(5,093)

(1,637)

   Interest income

**4,124 **

1,951 

1,642 

   Other income

**186 **

506 

1,040 

** **

Income  from continuing operations before income taxes 

**67,685 **

62,745 

67,251 

** **

Income  taxes

**19,606 **

19,937 

21,479 

Income  from continuing operations

**48,079 **

42,808 

45,772 
            
Income  from discontinued operations, net of income taxes 

**14,278 **

12,073 

9,007 

Net  income

** $**

**62,357 **

 $

54,881 

 $

54,779 

** **

Basic  earnings per share

** **

  Continuing  operations

** $**

**1.12 **

 $

1.02 

 $

1.00 

  Discontinued  operations

**0.33 **

0.29 

0.20 

     Basic earnings per share

** $**

**1.45 **

 $

1.31 

 $

1.20 

** **

Diluted  earnings per share

** **

  Continuing  operations

** $**

**1.01 **

 $

0.93 

 $

0.95 

  Discontinued  operations

**0.28 **

0.24 

0.18 

     Diluted earnings per share

** $**

**1.29 **

 $

1.17 

 $

1.13 

** **

  Dividends  per share

** $**

**0.71 **

 $

0.66 

 $

0.47 

** **

Weighted  average shares outstanding

** **

  Basic

**42,995 **

41,921 

45,543 

  Diluted  * 

**50,870 **

49,667 

49,272 
            
See  notes to consolidated financial statements.

 

*2004 diluted earnings per share and weighted average shares outstanding havebeen restated to reflect the additional shares that would be issued uponconversion of our 23⁄4% convertible notes, in accordance with the adoptionof EITF 04-8 in the quarter ended December 2004.

 

57
**MENTOR  CORPORATION****CONSOLIDATED  STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**  (in thousands,  except per share data)
  Common  Shares  Outstanding

  Common  Stock $.10  Par Value

  Capital in  Excess of  Par Value

  Deferred Compensation

Accumulated  Other  Comprehensive  Income (Loss)

  Retained  Earnings

  Total
**Balance  March   31, 2003**
** **

**46,237 **

** $**

**4,624 **

** $**

**- **

** $**

**- **

** $**

**5,825 **

** $**

**265,687 **

** $**

**276,136 **
Comprehensive  income:   Net income
- 

- 

- 

- 

- 

54,779 

54,779 
      Foreign currency         translation adjustment
- 

- 

- 

- 

10,890 

- 

10,890 
      Unrealized gain on         investments
- 

- 

- 

- 

107 

- 

107 
Comprehensive  income
65,776 
Exercise  of stock options
1,094 

109 

9,980 

- 

- 

- 

10,089 
Income  tax benefit arising    from the exercise of    stock options
- 

- 

5,406 

- 

- 

- 

5,406 
Issuance  of common    stock for the acquisition    of intangible assets
133 

13 

2,987 

- 

- 

- 

3,000 
Convertible  note hedge and    warrants 
- 

- 

(7,741)

- 

- 

- 

(7,741)
Repurchase  of common    stock
(5,405)

(540)

(10,632)

- 

- 

(124,662)

(135,834)
Dividends  declared    ($.47 per share)
- 

- 

- 

- 

- 

(20,828)

(20,828)
**Balance  March   31, 2004**
** **

**42,059 **

** $**

**4,206 **

** $**

**- **

** $**

**- **

** $**

**16,822 **

** $**

**174,976 **

** $**

**196,004 **
Comprehensive  income:   Net income
- 

- 

- 

- 

- 

54,881 

54,881 
      Foreign currency         translation adjustment
- 

- 

- 

- 

5,887 

- 

5,887 
      Unrealized loss on         investments
- 

- 

- 

- 

(175)

- 

(175)
Comprehensive  income
60,593 
Exercise  of stock options
1,028 

103 

11,435 

- 

- 

- 

11,538 
Acceleration  of options
- 

- 

4,405 

- 

- 

- 

4,405 
Income  tax benefit arising    from the exercise of    stock options
- 

- 

7,184 

- 

- 

- 

7,184 
Repurchase  of common    stock
(2,341)

(234)

(14,605)

- 

- 

(64,934)

(79,773)
Dividends  declared    ($.66 per share)
- 

- 

- 

- 

- 

(27,424)

(27,424)
**Balance  March   31, 2005**
** **

**40,746 **

** $**

**4,075 **

** $**

**8,419 **

** $**

**- **

** $**

**22,534 **

** $**

**137,499 **

** $**

**172,527 **
   **(continued on next page)**                                          
 

 

58

**MENTOR  CORPORATION**

**CONSOLIDATED  STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (continued)**

  (in thousands,  except per share data)

  Common  Shares  Outstanding

  Common  Stock $.10  Par Value

  Capital in  Excess of  Par Value

  Deferred Compensation

Accumulated Other  Comprehensive  Income (loss)

  Retained  Earnings

  Total

**Balance  March 31, 2005**

** **

**40,746 **

** $**

**4,075 **

** $**

**8,419 **

** $**

**- **

** $**

**22,534 **

** $**

**137,499 **

** $**

**172,527 **

Comprehensive  income:

   Net income

- 

- 

- 

- 

- 

62,357 

62,357 

      Foreign currency         translation adjustment

- 

- 

- 

- 

(6,157)

- 

(6,157)

      Change in unrealized loss         on investments

- 

- 

- 

- 

121 

- 

121 

Comprehensive  income

**56,321 **

Exercise  of stock options

3,147 

315 

43,334 

- 

- 

- 

43,649 

Income  tax benefit arising    from the exercise of    stock options

- 

- 

26,267 

- 

- 

- 

26,267 

Issuance  of restricted stock

289 

29 

15,197 

(15,226)

- 

- 

- 

Forfeiture  of restricted stock

(10)

(1)

(510)

511 

- 

- 

- 

Amortization  of restricted    grants

- 

- 

- 

1,471 

- 

- 

1,471 

Repurchase  of common    stock

(996)

(100)

(42,737)

- 

- 

- 

(42,837)

Dividends  declared    ($.71 per share)

- 

- 

- 

- 

- 

(30,809)

(30,809)

**Balance  March 31, 2006**

** **

**43,176 **

** $**

**4,318 **

** $**

**49,970 **

** $**

**(13,244)**

** $**

**16,498 **

** $**

**169,047 **

** $**

**226,589 **
   See notes to consolidated  financial statements.         
 

 

 

59

**MENTOR CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH  FLOWS**

Year Ended March 31,

(in thousands)

**2006**

2005

2004

**Operating Activities:**

Income  from continuing operations

** $**

**48,079 **

 $

42,808 

 $

45,772 

Adjustments  to derive cash flows from continuing operating activities:

** **

  Depreciation  

**7,748 **

7,296 

6,559 

  Amortization

**2,274 **

1,977 

955 

  Deferred  income taxes 

**793 **

(2,259)

(6,536)

   Non-cash compensation

**1,471 **

4,406 

- 

  Tax  benefit from exercise of stock options

**26,267 **

7,184 

5,406 

   Non-cash impairment of long-lived assets

**- **

186 

10 

  Loss  (gain) on sale of assets

**303 **

654 

- 

  Loss  on long-term marketable securities and investment      write-downs, net

**121 **

20 

97 

   Changes in operating assets and liabilities:

** **

     Accounts receivable

**(2,136)**

(2,854)

(13,459)

     Inventories and other current assets

**(4,402)**

(5,790)

1,421 

     Accounts payable and accrued liabilities

**19,618 **

9,988 

20,903 

     Income taxes payable

**(1,092)**

(1,025)

1,094 

Net  cash provided by continuing operating activities

**99,044 **

62,591 

62,222 

Net  cash provided by discontinued operating activities

**25,354 **

34,509 

11,792 

Net  cash provided by operating activities

**124,398 **

97,100 

74,014 

**Investing Activities:**

** **

Purchases  of property and equipment

**(8,531)**

(6,868)

(11,201)

Purchases  of intangibles

**(1,543)**

(507)

(553)

Purchases  of marketable securities

**(295,439)**

(150,720)

(34,538)

Sales  of marketable securities

**229,461 **

122,855 

27,813 

Acquisitions,  net of cash acquired

**- **

- 

(11,420)

Other,  net

**- **

208 

(3)

Net  cash used for continuing investing activities

**(76,052)**

(35,032)

(29,902)

Net  cash used for discontinued investing activities

**(5,164)**

(2,750)

(15,324)

Net  cash used for investing activities

**(81,216)**

(37,782)

(45,226)

**Financing Activities:**

** **

Issuance  of convertible notes, net of issuance costs

**- **

- 

126,305 

Sale of warrants

**- **

- 

11,891 

Repurchase  of common stock

**(42,837)**

(79,773)

(135,755)

Proceeds  from exercise of stock options and ESPP

**43,649 **

11,539 

10,089 

Dividends  paid

**(29,964)**

(26,806)

(20,829)

Borrowings  under line of credit agreements

**14,000 **

- 

3 

Repayments  under line of credit agreements

**(970)**

(4,854)

- 

Deferred  tax on investment

**- **

- 

(9,503)

Net  cash used for continuing financing activities

**(16,122)**

(99,894)

(17,799)

Net  cash used for (provided by) discontinued financing activities

**(2,213)**

(1,976)

703 

Net  cash used for financing activities

**(18,335)**

(101,870)

(17,096)

Effect  of currency exchange rates on cash and cash equivalents

**(780)**

648 

293 

Effect  of currency exchange rates of discontinued operations

**(2,020)**

345 

400 

Increase  (decrease) in cash and cash equivalents

**22,047 **

(41,559)

12,385 

Cash  and cash equivalents at beginning of year

**76,666 **

118,225 

105,840 

Cash  and cash equivalents at end of year

** $**

**98,713 **

 $

76,666 

 $

118,225 

**Supplemental  cash flow information**

** **

   Cash paid during the year for:

** **

     Income taxes for continuing operations

** $**

**4,601 **

 $

20,325 

 $

23,804 

     Interest for continuing operations

** $**

**4,522 **

 $

4,015 

 $

289 
            
See notes to  consolidated financial statements.
 
60

**MENTOR CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2006**

**Note A -Summary of Significant Accounting Policies**

**Business Activity**

Mentor Corporation was incorporated in April1969.  Unless the context indicates otherwise, when we refer to "Mentor,""we," "us," "our," or the "Company" in thesenotes, we are referring to Mentor Corporation and its subsidiaries on aconsolidated basis.  The Company develops, manufactures and markets arange of products serving the aesthetic medicine market, including plastic andreconstructive surgery.  Historically the Company's products have beenutilized by three primary segments: aesthetic and general surgery (plastic andreconstructive surgery), surgical urology, and clinical and consumerhealthcare.  Aesthetic and general surgery products include surgicallyimplantable prostheses for plastic and reconstructive surgery, capitalequipment and consumables used for soft tissue aspiration or body contouring (liposuction),and facial aesthetics products.  On June 2, 2006, theCompany completed a transaction for the sale of our surgical urology andclinical and consumer healthcare businesses to Coloplast A/S ("Coloplast"). The surgical urology products included surgically implantable prostheses forthe treatment of impotence, surgically implantable incontinence products,urinary care products, and brachytherapy seeds for the treatment of prostatecancer.  The clinical and consumer healthcare products included cathetersand other products for the management of urinary incontinence and retention. 

**Principles of Consolidation**

The consolidated financial statements includethe accounts of the Company and all of its subsidiaries in which a controllinginterest is maintained.  For those subsidiaries where the Company ownsless than 100%, the outside shareholders' interests are treated as minorityinterests.  All intercompany accounts and transactions have beeneliminated.  Certain prior year amounts in previously issued financialstatements have been reclassified to conform to the current year presentation.

**Cash Equivalents and MarketableSecurities**

All highly liquid investmentswith maturities of three months or less at the date of purchase are consideredto be cash equivalents.

The Company considers itsmarketable securities available-for-sale as defined in SFAS No. 115, "Accounting forCertain Investments in Debt and Equity Securities."  Realized gainsand losses, and declines in value considered to be other than temporary, areincluded in income.  The cost of securities sold is based on the specificidentification method.  Available-for-sale securities are reported at fairmarket value.  Unrealized gains and losses are excluded from income, but,instead are reported as a net amount in Accumulated Other Comprehensive Incomein Shareholders' Equity.  The Company's short-term marketable securitiesconsist primarily of state and municipal government and government agencyobligations, Federal Home Loan Bank and Mortgage Association bonds, andinvestment grade corporate obligations, including commercial paper. 

 

61

**Available-for-saleinvestments at March 31, 2006 were as follows**:

** **

** **

**Gross**

**Gross**

**Estimated**

** **

**Adjusted**

**Unrealized**

**Unrealized**

**Fair**

**(in  thousands)**

**Cost**

**Gains**

**Losses**

**Value**

**Cash  balances**

** $**

**95,054 **

** $**

**-  **

** $**

**-  **

** $**

**95,054**

**Money  market funds**

**3,659 **

**- **

**- **
   
**3,659 **

**State  and Municipal agency obligations**

**71,374 **

**- **

**- **
   
**71,374 **

**Mortgage-backed  securities**

**30,667 **

**- **

**(85)**
   
**30,582 **

**Corporate  debt securities**

**286 **

**- **

**(1)**
   
**285 **

**  Total  available-for-sale investments**

** $**

**201,040 **

** $**

**-  **

** $**

**(86)**

** $**

**200,954**

** **

** **

** **

** **
** **   
**Included  in cash and cash equivalents**

** $**

**98,713 **

** $**

**-  **

** $**

**-  **

** $**

**98,713**

**Included  in current marketable securities**

**102,327 **

**- **

**(86)**
   
**102,241**

**  Total  available-for-sale investments**

** $**

**201,040 **

** $**

**-  **

** $**

**(86)**

** $**

**200,954 **

Available-for-saleinvestments at March 31, 2005 were as follows:

Gross

Gross

Estimated

Adjusted

Unrealized

Unrealized

Fair

(in  thousands)

Cost

Gains

Losses

Value

Cash balances

 $

68,598 

 $

-  

 $

- 

 $

68,598 

Money market mutual funds

8,068 

- 

- 

8,068 

Marketable equity  securities

161 

- 

(18)

143 

U.S., State and Municipal agency obligations

36,149 

- 

(342)

35,807 

Corporate debt securities

278 

- 

- 

278 

  Total  available-for-sale investments

 $

113,254 

 $

-  

 $

(360)

 $

112,894 

Included in cash and cash  equivalents

 $

76,666 

 $

-  

 $

- 

 $

76,666 

Included in current  marketable securities

36,588 

- 

(360)

36,228 

  Total  available-for-sale investments

 $

113,254 

 $

-  

 $

(360)

 $

112,894 

 

**Concentrationsand Credit Risk**

 

TheCompany obtains certain raw materials and components for a number of itsproducts from single suppliers.  In most cases the Company's sources ofsupply could be replaced if necessary without undue disruption, but it ispossible that the process of qualifying new materials and/or vendors forcertain raw materials and components could cause a material interruption inmanufacturing or sales.  No material interruptions in raw material supplyoccurred during fiscal 2006.

 

TheCompany grants credit terms in the normal course of business to its customers,primarily hospitals, doctors and distributors.  The Company performsongoing credit evaluations of its customers and adjusts credit limits basedupon payment history and the customers' current credit worthiness, asdetermined through review of their current credit information.  TheCompany regularly monitors collections and payments from customers andmaintains allowances for doubtful accounts for estimated losses resulting fromthe inability of its customers to make required payments.  Estimatedlosses are based on historical experience and any specific customer collectionissues identified.  Bad debts have been minimal.  The Company doesnot normally require collateral or other security to support creditsales.  No customer accounted for more than 10% of the Company's revenuesor accounts receivable balance for any periods presented.

 

 

62

**RevenueRecognition**

 

TheCompany recognizes product revenue, net of discounts, returns, and rebates inaccordance with Statement of Financial Accounting Standards ("SFAS") No. 48, "RevenueRecognition When the Right of Return Exists," and Staff AccountingBulletin ("SAB") No. 104, "Revenue Recognition."  Asrequired by these standards, revenue is recorded when persuasive evidence of asales arrangement exists, delivery has occurred, the buyer's price is fixed ordeterminable, contractual obligations have been satisfied, and collectibilityis reasonably assured.  These requirements are met, and sales and relatedcost of sales are recognized upon the shipment of products, or in the case ofconsignment inventories, upon the notification of usage by the customer.  TheCompany records estimated reductions to revenue for customer programs and othervolume-based incentives.  Should the actual level of customerparticipation in these programs differ from those estimated, additionaladjustments to revenue may be required.  The Company also allows creditfor products returned within its policy terms.  The Company records anallowance for estimated returns at the time of sale based on historical experience,recent gross sales levels and any notification of pending returns.  Shouldthe actual returns differ from those estimated, additional adjustments torevenue and cost of sales may be required. 

 

TheCompany has current and long term deferred revenue, which include fundsreceived in connection with purchases of the Company's Enhanced Advantage BreastImplant Limited Warranty program.  The fees received in connection with the EnhancedAdvantage Breast Implant Limited Warranty are deferred and recognized evenlyover the life of the warranty term. 

 

**Inventories**

 

Inventoriesare stated at the lower of cost or market, cost determined by the first-in,first-out ("FIFO") method.  The Company writes down itsinventory for estimated obsolescence or unmarketable inventory equal to thedifference between the cost of inventory and the estimated market value basedupon assumptions about future demand and market conditions.

 

**Propertyand Equipment**

 

Propertyand equipment is stated at cost.  Depreciation is based on the usefullives of the properties and computed using the straight-line method. Buildings are depreciated over 30 years, furniture and equipment over 3 to 10years and leasehold improvements over the shorter of their estimated usefullives ranging from 3 to 15 years or lease term.  Significantimprovements and betterments are capitalized while maintenance and repairs arecharged to operations as incurred.

 

**IntangibleAssets and Goodwill**

Intangibleassets consist of values assigned to patents, licenses, trademarks and otherintangibles.  These are stated at cost less accumulated amortization andare amortized over their economic useful life ranging from 3 to 20 years usingthe straight-line method.  Goodwill, the excess purchase cost over fairvalue of net identifiable assets acquired, was amortized using thestraight-line method in fiscal 2002.  Goodwill amortization wasdiscontinued in fiscal 2003 in accordance with SFAS No. 142, Goodwill and OtherIntangible Assets.  As required by SFAS No. 142, the Company hasreassessed the remaining amortization periods of intangible assets acquired onor before June 30, 2001 and assigned all goodwill to reporting units forimpairment testing.  The impairment tests involved the use of bothestimates of fair value for the Company's reporting units as well as discountedcash flow assumptions.  If the book value exceeds the fair value, then thenet book value would then be reduced to fair value based on an estimate ofdiscounted cash flow.

 

 

63

**WarrantyReserves**

 

TheCompany offer two types of warranties relating to its breast implants in theUnited States, Canada, and Puerto Rico: a standard limited warranty which isoffered at no additional charge and an enhanced limited warranty at anadditional charge of $100 in the U.S. ($100 CAD in Canada), which providelimited financial assistance in the event of a deflation or rupture.  TheCompany's standard limited warranty is also offered in certain European andother international countries for silicone gel-filled breast implants.  TheCompany provides an accrual for the estimated cost of breast implant warrantiesat the time revenue is recognized.  Costs related to warranties arerecorded in cost of sales.  The estimated cost of the standard limited warrantyis recorded as an expense at the time of sale, whereas the estimated cost ofthe enhanced limited warranty is deferred and recognized over the term of theenhanced limited warranty which approximates costs as incurred.  Such accrualsare based on estimates, which are based on relevant factors such as unit sales,historical experience, the limited warranty period, estimated costs, and, to alimited extent, information developed by the Company's insurance company usingactuarial techniques.  These accruals are analyzed periodically foradequacy.  While the Company engages in extensive product quality programsand processes, including actively monitoring and evaluating the quality of theCompany's component suppliers, the warranty obligation is affected by reportedrates of warranty claims and levels of financial assistance specified in the limitedwarranties.  Should actual patient claim rates reported differ from theCompany's estimates, adjustments to the estimated warranty liability may berequired.  These adjustments would be included in cost of sales.

 

**ProductLiability Reserves**

The Company has productliability reserves for product-related claims to the extent those claims mayresult in litigation expenses, settlements or judgments within our self-insuredretention limits.  The Company has also established additional reserves,through its wholly-owned captive insurance company, for estimated liabilitiesfor product-related claims based on actuarially determined estimatedliabilities taking into account its excess insurance coverages.  The actuarialvaluations are based on historical information and certain assumptions aboutfuture events.  Product liability costs are recorded in selling, general andadministrative expenses as they are directly under the control of our GeneralCounsel and other general and administrative staff and are directly impacted bythe Company's overall risk management strategy.  Should actual productliability experience differ from the estimates and assumptions used to developthese reserves, subsequent changes in reserves will be recorded in selling,general and administrative expenses, and may affect the Company's operatingresults in future periods.  

**IncomeTaxes**

 

Deferredincome taxes are provided on the temporary differences between income forfinancial statement and tax purposes.  The Company has not recorded avaluation allowance on its deferred tax assets as management believes that itis more likely than not that all deferred tax assets will be realized.

 

**AdvertisingExpenses**

 

TheCompany expenses media advertising costs as incurred or where applicable, uponfirst showing.  Advertising expenses were $1.4 million, $3.9 million and $0.5million in fiscal 2006, 2005 and 2004, respectively.  Capitalizedadvertising costs  were $0, $1.1 million  and $0 as of March 31, 2006, 2005 and2004, respectively.  

 

**ForeignOperations**

 

Exportsales to independent distributors, were $7.2 million, $6.5  million and $5.2million in fiscal 2006, 2005 and 2004, respectively.  In addition, $68.3million, $58.8 million, and $49.8 million of net sales from continuingoperations in fiscal 2006, 2005 and 2004, respectively, were from the Company'sdirect international sales offices primarily in Canada and Western Europe. Income from continuing operations before income taxes for foreign operationswas $21.4 million, $16.3 million and $8.9 million for fiscal 2006, 2005 and 2004,respectively.  

 

64

**ForeignCurrency Translation**

 

Thefinancial statements of the Company's non-U.S. subsidiaries are translated intoU.S. dollars in accordance with SFAS No. 52, "Foreign CurrencyTranslation."  The assets and liabilities of certain non-U.S.subsidiaries whose functional currencies are other than the U.S. dollar aretranslated at current rates of exchange.  Revenue and expense items aretranslated at the average exchange rate for the year.  The resultingtranslation adjustments are recorded directly into accumulated othercomprehensive income (loss).  Transaction gains and losses, other thanintercompany debt deemed to be of a long-term nature, are included in netincome in the period they occur.  

 

**Effectsof Recent Accounting Pronouncements**

 

InFebruary 2006, the Financial Accounting Standards Board ("FASB") issued SFAS No. 155, Accounting forCertain Hybrid Financial Instruments - an amendment of FASB StatementsNo. 133 and 140 ("SFAS 155").  This statement amends SFASNo. 133, Accounting for Derivative Instruments and Hedging Activities("SFAS 133"), and SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets andExtinguishments of Liabilities, and resolves issues addressed in SFAS 133Implementation Issue No. D1, "Application of Statement 133 toBeneficial Interest in Securitized Financial Assets."  This Statement:(a) permits fair value remeasurement for any hybrid financial instrumentthat contains an embedded derivative that otherwise would require bifurcation;(b) clarifies which interest-only strips and principal-only strips are notsubject to the requirements of SFAS 133; (c) establishes arequirement to evaluate beneficial interests in securitized financial assets toidentify interests that are freestanding derivatives or that are hybridfinancial instruments that contain an embedded derivative requiringbifurcation; (d) clarifies that concentrations of credit risk in the formof subordination are not embedded derivatives; and (e) eliminatesrestrictions on a qualifying special-purpose entity's ability to hold passivederivative financial instruments that pertain to beneficial interests that areor contain a derivative financial instrument.  The standard also requirespresentation within the financial statements that identifies those hybridfinancial instruments for which the fair value election has been applied andinformation on the income statement impact of the changes in fair value ofthose instruments.  The Company is required to apply SFAS 155 to allfinancial instruments acquired, issued or subject to a remeasurement eventbeginning January 1, 2007, although early adoption is permitted as of thebeginning of an entity's fiscal year.  The Company is evaluating the provisionsof SFAS 155.  The effects of adopting of SFAS 155 on the Company'sfinancial statements are not known at this time.

In June 2005, the FASBratified Emerging Issues Task Force ("EITF") Issue 05-6, "Determining theAmortization Period for Leasehold Improvements." EITF Issue 05-6 requires thatleasehold improvements purchased subsequent to the inception of the lease oracquired in a business combination be amortized over the lesser of the useful lifeof the assets or a lease term that includes renewals that are reasonablyassured at the date of the purchase or business combination.  The guidance inIssue 05-6 was effective as of the beginning of the third quarter of Fiscal2006.  Adoption of EITF Issue 05-6 did not have a material effect on theCompany's financial position or results of operations.

In May 2005, the FASB issuedSFAS No. 154, Accounting Changes and Error Corrections, which replaces APBOpinion No. 20, Accounting Changes and SFAS No. 3, Reporting AccountingChanges in Interim Financial Statements.  This pronouncement applies to allvoluntary changes in accounting principle, and revises the requirements foraccounting for, and reporting a change in, accounting principle.  SFAS No. 154requires retrospective application to prior periods' financial statements of avoluntary change in accounting principle, unless it is impracticable to do so. This pronouncement also requires that a change in the method of depreciation,amortization, or depletion for long-lived, non-financial assets be accountedfor as a change in accounting estimate that is affected by a change inaccounting principle.  SFAS No. 154 retains many provisions of APB Opinion 20without change, including those related to reporting a change in accountingestimate, a change in the reporting entity, and correction of an error.  Thepronouncement also carries forward the provisions of SFAS No. 3, which governreporting accounting changes in interim financial statements.  SFAS No. 154 iseffective for accounting changes and corrections of errors made in fiscal yearsbeginning after December 15, 2005.  The Statement does not change the transitionprovisions of any existing accounting pronouncements, including those that arein a transition phase as of the effective date of SFAS No. 154.  The Company hasapplied the provisions of this statement effective April 1, 2006.

65

In December 2004, the FASBissued SFAS No. 123 (revised 2004), "Share-Based Payment,"("SFAS 123(R)").  SFAS 123(R) replaces FASB Statement No. 123, Accounting forStock-Based Compensation, and supersedes APB Opinion No. 25, Accounting forStock Issued to Employees.  SFAS 123(R) covers a wide range of share-basedcompensation arrangements and requires that the compensation cost related tothese types of payment transactions be recognized in financialstatements.  Cost will be measured based on the fair value of the equityor liability instruments issued.

In March 2005, the Securitiesand Exchange Commission ("SEC") issued Staff AccountingBulletin ("SAB") No. 107, which provides guidance regarding theapplication of SFAS 123(R).  SAB No. 107 expresses views of the Staff regarding theinteraction between SFAS 123(R), Share-Based Payment, and certain SEC rules andregulations, and provides the Staff's views regarding the valuation ofshare-based payment arrangements for public companies.  In particular, SAB No. 107provides guidance related to share-based payment transactions withnonemployees, the transition from nonpublic to public entity status, valuationmethods (including assumptions such as expected volatility and expected term),the accounting for certain redeemable financial instruments issued undershare-based payment arrangements, the classification of compensation expense,non-GAAP financial measures, first-time adoption of SFAS 123(R) in an interimperiod, capitalization of compensation cost related to share-based paymentarrangements, the accounting for income tax effects of share-based paymentarrangements upon adoption of SFAS 123(R), the modification of employee shareoptions prior to adoption of SFAS 123(R), and disclosures in Management'sDiscussion and Analysis subsequent to adoption of SFAS 123(R).

On April 14, 2005, theSEC approved a new rule that delays the effective date for SFAS 123(R) tofiscal years beginning after June 15, 2005,thereby rendering it effective as to the Company on April 1, 2006.  The adoptionof SFAS 123(R) on April 1, 2006 is expected to have a material impact on theCompany's consolidated net income and earnings per share.  The Company hasnot completed its analysis of the impact of the adoption of 123(R); however,the effect of the adoption is estimated to approximate that shown in Note G,"Stock Options, Restricted Stock and Employee Stock Purchase Plan" inthe Notes to Consolidated Financial Statements, plus the impact of  futuregrants and awards, if any.  

In November 2004, the FASBissued Statement No. 151, Inventory Costs, which amends the guidance in AccountingReview Board ("ARB") No. 43, Chapter 4, Inventory Pricing.  Thisamendment clarifies the accounting for abnormal amounts of idle facilityexpense, freight, handling costs and wasted material (spoilage).  ThisStatement requires that those items be recognized as current-period charges,regardless of whether they meet the criteria specified in ARB 43 of"so abnormal".  In addition, this Statement requires thatallocation of fixed production overheads to the costs of conversion be based onnormal capacity of the production facilities.  This Statement is effectivefor fiscal years beginning after June 15, 2005,thereby rendering it effective as to the Company on April 1, 2006.  The adoptionof SFAS No. 151 is not expected to have a material impact on the results ofoperations or the financial position of the Company. 

In September 2004, the FASBconfirmed EITF Issue No. 04-8, "The Effect of Contingently ConvertibleDebt on Diluted Earnings per Share," with an effective date of December 15, 2004. The EITF reflects the Task Force's conclusion that contingentlyconvertible debt should be included in diluted earnings per share calculations,regardless of whether or not the trigger price has been reached.  TheCompany adopted EITF 04-8 in the quarter ended December 31, 2004 and retroactivelyapplied its provisions to the interim periods ending June 30 and September 30, 2004due to the Company's December 2003 issuance of convertible subordinatednotes.  The impact of the EITF 04-8 changed the diluted earnings per sharecalculation by increasing net income used in the numerator by the after-taxamount of interest expense related to the convertible notes (approximately$802,000 per quarter), and by increasing weighted average shares outstandingused in the denominator by approximately 5.1 million shares, the number ofshares to be issued upon full conversion of the convertible notes.  Theeffect of the restatement was a decrease in diluted earnings per share ofapproximately $0.02 per share for the interim periods ending June 30 and September 30, 2004.

66

**Useof Estimates**

 

Financialstatements prepared in accordance with accounting principles generally acceptedin the United States require management to make estimates and judgmentsthat affect amounts and disclosures reported in the financial statements. Actual results could differ from those estimates.

 

**NoteB - Inventories**

 

Inventoriesat March 31 consisted of: 

 

(in thousands)

**2006**

2005

Raw materials

** $**

**3,994 **

 $

5,633 

Work in process

**5,382 **

5,482 

Finished goods on consignment

**10,800 **

11,262 

Finished goods

**14,963 **

12,428 

** $**

**35,139 **

 $

34,805 

 

**NoteC - Property and Equipment**

 

Propertyand equipment at March 31 consisted of: 

 

(in thousands)

**2006**

2005

Land

** $**

**55 **

 $

55 

Buildings

**10,053 **

10,606 

Leasehold improvements

**21,952 **

19,149 

Furniture, fixtures and equipment

**60,004 **

57,111 

Construction in progress

**3,481 **

3,236 

**95,545 **

90,157 

Less accumulated depreciation and amortization

**(59,097)**

(53,186)

** $**

**36,448 **

 $

36,971 

** **

**NoteD - Other Comprehensive Income**

 

Othercomprehensive income includes the net change in unrealized gains (losses) onavailable-for-sale securities as follows: 

 

  

Year Ended March 31,

(in thousands)

**2006**

2005

2004

Unrealized  gains (losses) arising during period,      net of taxes of $217, $137 and $8, respectively

** $**

**(403)**

** $**

(386)

** $**

14 

Reclassification  adjustments for gains (losses)      realized in net income, net of taxes of $282,     $115 and $50, respectively

**524 **

211 

93 

Change  in net unrealized gains (losses) on securities

** $**

**121 **

** $**

(175)

** $**

107 

 

Accumulatedother comprehensive income which is included in the Company's shareholders'equity at March 31 consisted of:

 

(in thousands)

**2006**

2005

Net unrealized (losses) gains on securities

** $**

**(59)**

** $**

(180)

Foreign currency translation adjustments

**16,557 **

22,714 

Accumulated other comprehensive income	

** $**

**16,498 **

** $**

22,534 

** **

 

67

**NoteE - Accounts Payable and Accrued Liabilities and Long-Term Accrued Liabilities**

 

Accountspayable and accrued liabilities at March 31 consisted of:

 

(in thousands)

**2006**

2005

Trade accounts payable

** $**

**27,685 **

** $**

20,923 

Accrued compensation

**17,335 **

14,335 

Sales returns

**15,544 **

13,162 

Deferred revenue

**10,495 **

9,546 

Product liability reserve

**6,701 **

5,232 

Warranty reserves

**4,260 **

3,860 

Interest payable

**1,031 **

1,084 

Accrued royalties

**274 **

449 

Other

**13,819 **

11,407 

** $**

**97,144 **

** $**

79,998 

 

Long-term accrued liabilities at March 31 consistedof:

 

(in thousands)

**2006**

2005

Warranty reserves

** $**

**18,090 **

** $**

15,385 

 Other

**894 **

- 

** $**

**18,984 **

** $**

15,385 

** **

**NoteF - Short-Term Bank Borrowings**

 

**CreditAgreement**

On May 26, 2005, theCompany entered into a Credit Agreement (the "Credit Agreement") thatprovides a $200 million senior revolving credit facility, subject to a $20million sublimit for the issuance of standby and commercial letters of credit,a $10 million sublimit for swing line loans and a $50 million alternativecurrency sublimit.  The Credit Agreement expires on September 30, 2008. At the election of the Company, and subject to lender approval, the amountavailable for borrowings under the Credit Agreement may be increased by anadditional $50 million.  Funds under the Credit Agreement are available tothe Company to finance permitted acquisitions, for stock repurchases up tocertain dollar limitations, and for other general corporate purposes.  TheCompany has three standby letters of credit totaling $2 million outstandingwhich are secured by the Credit Agreement.  Accordingly, although there were noborrowing outstanding under the Credit Agreement at March 31, 2006, only $198million was available for borrowings. 

Interest on borrowings (otherthan swing line loans) under the Credit Agreement is at a variable rate that iscalculated, at the Company's option, at either prime rate or LIBOR, plus anadditional percentage that varies depending on the Company's senior leverageratio (as defined in the Credit Agreement) at the time of the borrowing. Swing line loans bear interest at the prime rate plus additional basis points,depending on the Company's senior leverage ratio at the time of the loan. In addition, the Company paid certain fees to the lenders to initiate theCredit Agreement and will pay an unused commitment fee based on the Company'ssenior leverage ratio and unborrowed lender commitments.

68

Borrowings under the CreditAgreement are guaranteed by two of the Company's domestic subsidiaries and arealso secured by a pledge of 100% of the outstanding capital stock of two otherdomestic subsidiaries and by 65% of the outstanding capital stock of our Frenchsubsidiary.  In addition, if the ratio of total funded debt to adjustedEBITDA exceeds 2.50 to 1.00, the Company is obligated to grant to the lenders afirst priority perfected security interest in essentially all of its domesticassets.

The Credit Agreement imposescertain financial and operational restrictions on the Company and itssubsidiaries, including financial covenants that require the Company tomaintain a maximum consolidated funded debt leverage ratio of not greater than4.00 to 1.00, a senior funded debt ratio of not greater than 2.50 to 1.00,minimum quarterly EBITDA and a minimum fixed charge ratio of greater than 1.25to 1.00.  The covenants also restrict the Company's ability, among otherthings, to make certain investments, incur certain types of indebtedness orliens, make acquisitions in excess of $20 million except in compliance withcertain criteria, and repurchase shares of common stock, pay dividends ordispose of assets above specified thresholds.  The Credit Agreement alsocontains customary events of default, including payment defaults, materialinaccuracies in its representations and warranties, covenant defaults,bankruptcy and involuntary proceedings, monetary judgment defaults in excess ofspecified amounts, cross-defaults to certain other agreements, change ofcontrol, and ERISA defaults.  If an event of default occurs and iscontinuing, the commitments under the Credit Agreement may be terminated andthe principal amount and all accrued but unpaid interest and other amounts owedthereunder may be declared immediately due and payable.  As of March 31, 2006, allcovenants and restrictions had been satisfied, and there were no borrowingsoutstanding under the Credit Agreement.  

*Loan and OverdraftFacility*

On October 4, 2005,Mentor Medical Systems B.V., ("Mentor BV"), a wholly-owned subsidiary of Mentor Corporationentered into a Loan and Overdraft Facility (the "Facility") with CooperativeRaboBank Leiden, Leiderdorp en Oestgstgeest U.A. ("RaboBank").

The Facility provides Mentor BV withan initial €15 million loan and overdraft facility, which decreases by €375,000quarterly starting in September 2006.  Under the Facility, Mentor BV mayborrow up to €12.5 million in fixed amount advances, with terms of three to sixmonths, and a further sublimit of up to €5 million of loans in fixed amountadvances with a term of up to 5 years.  Up to €10 million of the Facility maybe drawn in the form of U.S. Dollars.  Funds under the Facility are availableto Mentor BV to finance certain dividend payments to MentorCorporation and for other normal business purposes.  As of June 11, 2006, $14.0million was outstanding under the Facility.

Interest on borrowings underthe Facility is at a rate equal to 0.55% over the RaboBank base lending rate,Euribor, or LIBOR depending upon the currency and term of each borrowing. Interest rates on borrowings other than overdrafts, are fixed for the term ofthe advance.

Borrowings by Mentor BVunder the Facility are guaranteed by Mentor's wholly-owned subsidiary, Mentor Medical SystemsC.V., through a Joint and Several Debtorship agreement.  In addition,borrowings under the Facility are secured by certain real estate owned by Mentor BV.

The Facility imposes certainfinancial and operational restrictions on Mentor BV, including financialcovenants that require Mentor BV and Mentor Medical Systems CV to maintain aminimum combined defined solvency ratio, a maximum combined debt leverage ratioof not greater than 4 to 1, a senior funded debt ratio of not greater than 2.5to 1, minimum quarterly operational results, and a minimum interest coverageratio of greater than 5 to 1.  The Facility also contains customary eventsof default, including cross default and material or adverse change provisions. If an event of default occurs, the commitments under the Facility may beterminated and the principal amount and all accrued but unpaid interest andother amounts owed thereunder may be declared immediately due and payable. As of March 31, 2006, all covenants and restrictions were satisfied.

69

Mentor BV paid €15,000 incertain fees to the RaboBank upon entry into the Facility, and Mentor BV willbe obligated to pay, over the 10 year term of the Facility, a commitment fee of0.25% of the committed and unborrowed balances.  Fees are payablequarterly in arrears.

Outstandingborrowings under all credit arrangements had a weighted-average interest rateof 5.49% and 2.85% at March 31, 2006 and 2005, respectively.  A total of $202.2million was available under the senior revolving credit facility and foreignlines of credit at March 31, 2006 and $5.8 million was available under the foreignlines of credit at March 31, 2005.  

 

**NoteG - Stock Options, Restricted Stock and Employee Stock Purchase Plan**

The Company's Long-TermIncentive Plans

The Company has grantedoptions to key employees and non-employee directors under its Amended 2000Long-Term Incentive Plan (the "2000 Plan") and its 1991 Plan.  Inaddition, in September 2005, theCompany's shareholders approved an amended and restated version of theCompany's Amended 2000 Long-Term Incentive Plan, which is now referred to asthe Mentor Corporation 2005 Long-Term Incentive Plan and which was furtheramended in November 2005 (as amended, the "2005 Plan").  The 2005 Plan does notprovide for an increase in the number of shares of the Company's common stockavailable for award grants under the plan.  Options granted under each of theCompany's plans vest in four equal annual installments beginning one year fromthe date of grant, and expire ten years from the date of grant.  At March 31, 2006, theCompany had one plan under which stock options were available for futuregrants, the 2005 Plan.  Pursuant to the terms of the option plans,3,161,517 common shares were issued pursuant to exercises during fiscal 2006. 

The 2005 Plan reflects, amongother things, amendments to the earlier plans to: (i) provide the Company withflexibility to grant awards other than stock options, including but not limitedto restricted stock, stock bonuses, stock units and dividend equivalents; (ii)allow the Company to grant awards intended to qualify as performance-basedcompensation within the meaning of Section 162(m) of the U.S. Internal RevenueCode; and (iii) extend the term of the plan to July 24, 2015.  Followingthe November 2005 amendments, the 2005 Plan provides as follows:

Grantsof full-value awards under the 2005 Plan generally must satisfy certain minimumvesting requirements.  ("Full-value awards" include all awards granted underthe 2005 Plan other than stock options with an exercise price that is not lessthan the fair market value of the underlying stock on the date the option isgranted.)  Full-value awards subject to time-based vesting may not become fullyvested in less than three years.  Full-value awards subject toperformance-based vesting may not vest in less than one year.  The Companyretains discretion to accelerate vesting of such awards under certaincircumstances such as in connection with a termination of the grantee'semployment, a change in control of the Company or the grantee's employer, or arelease of claims by the grantee.  The Company may also grant full-value awardscovering up to 10% of the total number of shares available for grant purposesunder the 2005 Plan that are not subject to the foregoing vesting andacceleration restrictions.

Shareholderapproval is expressly required for any increase in the number of shares of theCompany's common stock that are available for award grant purposes under the 2005Plan.

Persons eligible to receiveawards under the 2005 Plan include directors, officers or employees of theCompany, and certain of its consultants and advisors.  The types of awards thatmay be granted under the 2005 Plan include stock options, restricted stock,stock bonuses, stock units and dividend equivalents, and other forms of awardsgranted or denominated in the Company's common stock or units of the Company'scommon stock, as well as certain cash bonus awards.  

The maximum number of sharesof the Company's common stock that may be issued or transferred pursuant toawards under the 2005 Plan remains at 6.0 million shares (inclusive ofapproximately 4.6 million options previously granted under the Amended 2000Long-Term Incentive Plan).

70

On October 5, 2005 (the"Award Date"), the Compensation Committee of the Board of Directorsof the Company, granted awards in the aggregate amount of 288,856 restrictedshares of Company common stock (the "Restricted Stock") to theCompany's Executive Officers and other Company Officers, and to members of theBoard of Directors of the Company.  The Restricted Stock vests, andrestrictions lapse, with respect to one-fifth of the total number of shares ofRestricted Stock on each of the first, second, third, fourth and fifthanniversaries of the Award Date.  The vesting schedule requires continuedemployment or service through each applicable vesting date as a condition tothe vesting of the applicable installmentof the Restricted Stock, and carries specific share holding requirements duringsuch employment or service.  Mentor has recorded $13.2 million, net of amortization andcancellations, in deferred stock-based compensation in accordance with APBNo. 25.  Stock compensation expense is recognized over the 5-year vestingperiod of the Restricted Stock grants.  Restricted Stock compensation expensefor fiscal 2006 was $1.5 million.  There was no Restricted Stock compensationexpense in fiscal 2005.

Exercise prices for stockoptions are set at fair market value, as determined by the closing price of theCompany's common stock on the New York Stock Exchange on the date of grant, andthe related number of shares granted is fixed at that point in time. Therefore, under the principles of APB Opinion 25, the Company does notrecognize compensation expense associated with the grant of stockoptions.  SFAS 123 "Accounting for Stock-Based Compensation" requires the useof an option valuation model to provide supplemental information regardingoptions granted after fiscal 1995.  Pro forma information regarding netincome and earnings per share shown below were determined as if the Company hadaccounted for its employee stock options under the fair value method of thatstatement.  For purposes of pro forma disclosure, the estimated fair valueof the options is amortized ratably over the options' vesting period.

Employee Stock PurchasePlan

On September  14, 2005 theCompany's Board of Directors approved its Employee Stock Purchase Plan("ESPP").  The Stock Purchase Plan is intended to assist the Company insecuring and retaining its employees by allowing them to participate in theownership and growth of the Company through the grant of certain rights topurchase shares of the Company's common stock at an initial discount of  5%from the fair market value of its shares.  The granting of such rights servesas partial consideration for employment and gives employees an additionalinducement to remain in the service of the Company and its subsidiaries andprovides them with an increased incentive to work toward the Company's success.

 

Underthe ESPP, each eligible employee is permitted to purchase shares of commonstock through regular payroll deductions and/or cash payments in amountsranging from 1% to 15% of the employee's compensation for each payroll period.The fair market value of the shares of common stock which may be purchased byany employee under this or any other plan of the Company that is intended tocomply with Section 423 of the Internal Revenue Code.

 

TheESPP provides for a series of consecutive offering periods that are threemonths long commencing on each Grant Date.  Offering periods commence onJanuary 1, April 1, July 1 and September 1 of each year.  During each offeringperiod, participating employees are able to purchase shares of common stock ata purchase price equal to 95% of the fair market value of the common stock atthe end of each offering period.  Under terms of the ESPP, 400,000 shares ofcommon stock have been reserved for issuance to employees.  As of March 31, 2006, 1,174shares have been granted under the plan.

 

71

Pro Forma Analysis underFAS 123

The pro forma effect on netincome may not be representative of the pro forma effect on net income infuture years because compensation expense in future years will reflect theamortization of a different number of stock options granted in succeedingyears, at different fair values.  The Company's pro forma information isas follows:

Year Ended March 31,

(in thousands, except per share data)

**2006**

2005

2004

Net  income from continuing operations:  as reported1 

**$**

**48,079 **

 $

42,808 

 $

45,772 

Deduct:   compensation expense fair value method

**(3,900)**

(5,864)

(7,491)

Net  income: pro forma

** $**

**44,179 **

 $

36,944 

 $

38,281 

** **

Basic  earnings per share from continuing operations:  as reported

** $**

**1.12 **

 $

1.02 

 $

1.00 

Basic  earnings per share from continuing operations:  pro forma

** $**

**1.02 **

 $

0.88 

 $

0.84 

** **

Net  income from continuing operations: as reported1

** $**

**48,079 **

 $

42,808 

 $

45,772 

Add  back after tax interest expense on convertible notes

**3,208 **

3,208 

947 

Net  income: diluted earnings per share

**51,287 **

46,016 

46,719 

Deduct:  compensation expense fair value method

**(3,900)**

(5,864)

(7,491)

Net income: diluted  earnings per share pro forma

** $**

**47,387 **

 $

40,152 

 $

39,228 

** **

Diluted  earnings per share from continuing operations:  as reported2

** $**

**1.01 **

 $

0.93 

 $

0.95 

Diluted  earnings per share from continuing operations:  pro forma2

** $**

**0.93 **

 $

0.81 

 $

0.80 

1  Net income for fiscal 2005 as reported includes a  $4.4 million pre-tax charge  associated with  accelerated vesting      of stock options. 

 2  Diluted earnings per share and weighted average  shares outstanding for fiscal 2004 have been restated to reflect      the additional shares that would be issued upon conversion of our 23⁄4%  convertible notes, in accordance with the      adoption of EITF Issue No. 04-8 in the quarter ended December 2004.

In December 2004, theFinancial Accounting Standards Board issued SFAS No. 123(R),"Share-Based Payment".  As of April 1, 2006, SFAS No. 123(R)requires the Company to account for its stock options using a fair-value-basedmethod as described in such statement and recognize the resulting compensationexpense in the Company's financial statements.  SFAS 123(R) also requiresthe benefits of tax deductions in excess of recognized compensation cost to bereported as a financing cash flow, rather than as an operating cash flow asrequired under current literature.  This requirement will reduce net operatingcash flows and increase net financing cash flows in periods after adoption. Prior to April 1, 2006,the Company accounted for its employee stock options using the intrinsic valuemethod under APB Opinion No. 25, "Accounting for Stock Issued to Employees" and relatedinterpretations, which generally results in no employee stock option expense.  

72

The Company has grantedoptions to key employees and non-employee directors under its 2005 Plan and1991 Plan.  Options granted under both plans are exercisable in four equalannual installments beginning one year from the date of grant, and expire tenyears from the date of grant.  Options are granted at the fair marketvalue on the date of grant.  Activity in the stock option plans duringfiscal 2006, 2005 and 2004 was as follows:

At March 31  Options Outstanding

Number  of Shares

Weighted Average  Price per Share

Balance  March 31, 2003

 $

6,436,525 

 $

11.84 

Granted  

1,289,635 

21.45 

Exercised

(1,097,036)

9.36 

Canceled  or terminated

(110,971)

16.34 

Balance  March 31, 2004

 $

6,518,153 

 $

14.08 

Granted  

818,650 

32.43 

Exercised

(1,028,136)

11.22 

Canceled  or terminated

(143,936)

19.77 

Balance  March 31, 2005

 $

6,164,731 

 $

16.83 

** **

Granted  

893,050 

37.49 

Exercised

(3,161,517)

13.79 

Canceled  or terminated

(214,186)

22.41 

**Balance  March 31, 2006**

** $**

**3,682,078 **

** $**

**24.11 **

 

At March 31, 2006, the2000 Plan had options for 2,837,057 shares granted and outstanding, and zero sharesavailable for grant.  The 1991 Plan had options for 816,021 shares grantedand outstanding at March 31, 2006.  The 2005 Plan had 29,000 shares granted andoutstanding and 1,067,929 shares are available for grant at March 31, 2006.  Noadditional options can be granted under the 1991 or 2000 Plans. 

 

Information regarding stock options outstanding at March 31, 2006 is asfollows:

 

Options Outstanding

Options Exercisable

  Price Range

  Number of  Shares

Weighted-Average Remaining  Contractual Life

Weighted-Average Exercise Price

  Number of Shares

  Weighted-Average Exercise Price

Under $19.01

1,471,242 

4.94 

 $

13.67 

1,261,945 

 $

12.79 

$21.00-$32.47

1,263,486 

7.68 

 $

26.39 

408,387 

 $

24.94 

$32.86-$45.91

947,350 

9.08 

 $

37.29 

17,125 

 $

34.64 

 

At March 31, 2006, 2005and 2004, stock options to purchase 1,687,457, 3,877,277 and 2,973,209 shares,respectively, were exercisable at weighted-average prices of $15.96, $13.17, and$10.61 respectively.  

 

Stockoption exercise prices are set at the closing price of the Company's common stockon the date of grant and the related number of shares granted is fixed at thatpoint in time.  Therefore, under the principles of APB Opinion 25, theCompany does not recognize compensation expense associated with the grant ofstock options.  SFAS 123 requires the use of an option valuation model toprovide supplemental information regarding options granted after fiscal1995.  Pro forma information regarding net income and earnings per shareshown above were determined as if the Company had accounted for its employeestock options under the fair value method of that statement.

 

73

Theweighted average fair values of stock options granted were estimated at thedate of grant using the Black-Scholes option valuation model and the followingassumptions:

 

Year Ended March 31,

**2006**

2005

2004

Weighted  average fair value of stock     options granted

 $

**10.60   **

 $

8.91** ** 

 $

4.85** ** 

Risk-free  interest rate

**3.93%**

3.96%

2.68%

Expected  life (in years)

**4.93   **

4.74** ** 

4.65** ** 

Expected  volatility

**0.32   **

0.32** ** 

0.31** ** 

Expected  dividend yield

**2.047%**

2.115%

2.86%

The Black-Scholes option valuation model wasdeveloped for use in estimating the fair value of traded options.  TheCompany's employee stock options have characteristics significantly differentfrom those of traded options such as vesting restrictions and extremely limitedtransferability.  In addition, the assumptions used in option valuationmodels are highly subjective, particularly the expected stock price volatilityof the underlying stock.  Because changes in these subjective inputassumptions can materially affect the fair value estimate, in management'sopinion, the existing models do not provide a reliable single measure of thefair value of its employee stock options. 

**Note H - Income Taxes**

Income tax expense consists of the following:

Year Ended March 31,

(in thousands)

**2006**

2005

2004

Current:

** **

 Federal

** $**

**17,436 **

 $

18,513 

 $

21,637 

 Foreign

**1,660**

615 

2,757 

 State

**519 **

3,446 

2,324 

**19,615 **

22,574 

26,718 

Deferred:

** **

 Federal

**637 **

(2,327)

(3,979)

 Foreign

**(985)**

223 

(554)

 State

**339 **

(533)

(706)

**(9)**

(2,637)

(5,239)

** $**

**19,606 **

$

19,937 

 $

21,479 

 

Thereconciliation of the federal statutory rate to the Company's effective rate isas follows:

 

Year Ended March 31,

**2006**

2005

2004

Federal statutory rate

**35.0%**

35.0%

35.0%

Increase (decrease) resulting from:

** **

 State taxes net of federal tax benefit

**1.6   **

2.2**   **

1.2**   **

 Non-taxable interest and dividends

**(0.4)  **

(0.1)**  **

-**   **

 Research and development credit

**(1.7)  **

(0.5)** **

(1.0)** **

 ETI/MFG deduction 

**(1.1)  **

(0.9)** **

(0.9)** **

 Foreign operations

**(7.3)  **

(4.2)** **

(2.5)** **

 Dividend repatriation

**2.5   **

-**   **

-**   **

 Non-deductible goodwill

**-   **

-**   **

0.1**  **

 Other

**0.4   **

0.3**   **

-**   **

**29.0%**

31.8%

31.9%

 

74

Significant components of the Company's deferred taxliabilities and assets at March 31 are as follows:

 

(in thousands)

**2006**

2005

Deferred  tax liabilities:

** **

** **

   Tax over book depreciation

** $**

**- **

$

(479)

   Unrealized gain (loss) on long-term marketable      securities

**(27)**

(137)

**(27)**

(616)

Deferred  tax assets:

** **

   Book liabilities not deductible for tax

**20,024 **

17,890 

   Inventory

**521 **

955 

   Profit in inventory of foreign subsidiaries

**3,295 **

3,113 

   Convertible notes hedge

**6,239 **

8,701 

**30,079 **

30,659 

Net  deferred tax assets

** $**

**30,052 **

 $

30,043 

The Company does not providefor U.S. income taxes on undistributed earnings of the Company's foreignoperations that are intended to be invested indefinitely outside the United States. At March 31, 2006, these foreign earnings amounted to approximately $21.4million.  If repatriated, additional taxes of approximately $7.9 million onthese earnings would be due, based on the current tax rates in effect.  For theyears ended March 31, 2006, 2005, and 2004 foreign income before taxes were $19.3million, $13.8 million and $6.2 million, respectively.  

On October 22, 2004, thePresident of the United States signed the American Jobs Creation Act of 2004(AJCA).  The AJCA created a temporary incentive for U.S.corporations to repatriate accumulated income earned abroad by providing an 85percent dividends received deduction for certain dividends from controlledforeign corporations.  For fiscal 2006 the Company repatriated $32.0 million inforeign profits, and the Company estimates the tax liability on the $32.0million to be approximately $1.74 million. 

** Note I - Intangible Assets and Goodwill**

 

In2001, the FASB issued SFAS No. 142, "Goodwill and Other IntangibleAssets".  SFAS No. 142 was effective for the Company as of April 1, 2002. SFAS No. 142 specifies the financial accounting and reporting for acquiredgoodwill and other intangible assets.  Goodwill and intangible assets thathave indefinite useful lives are no longer to be amortized, but rather are tobe tested for impairment annually or more frequently if impairment indicatorsarise.  None of the Company's intangible assets have an indefinitelife.  Intangible assets with finite lives continue to be amortized on astraight-line basis over their useful lives.  Goodwill and intangibleassets have been recorded at either incurred or allocated cost.  Allocatedcosts were based on respective fair values at the date of acquisition. 

 

Uponthe adoption of SFAS No. 142, the Company reassessed the remaining amortizationperiods of intangible assets acquired on or before June 30, 2001, and assigned allgoodwill to reporting units for impairment testing.  The impairment testsinvolve the use of both estimates of fair value as well as discounted cash flowassumptions.  Impairment tests were performed at adoption and in thefourth quarter of each subsequent fiscal year.  In the fourth quarter of fiscal2005, the Company performed impairment testing and determined that certainintangible assets had fair values less than their respective book values andwere deemed impaired.  Accordingly, the Company recorded a net impairmentcharge for the impairment of long-lived assets of $0.3 million.  No impairment wasnoted for fiscal 2006. 

 

 

75

Balancesof acquired intangible assets were as follows:

 

**Year Ended March 31, 2006**

  (in thousands)

**Original Cost**

**Accumulated Amortization**

**Carrying Value**

  Useful Life

Patents

** $**

**5,842 **

** $**

**(1,152)**

** $**

**4,690 **

5-20 

Licenses

**10,823 **

**(3,156)**

**7,667 **

3-17 

Trademarks

**67 **

**(23)**

**44 **

10-20 

Other intangibles

**5,672 **

**(2,328)**

**3,344 **

3-20 

Subtotal intangibles

**22,404 **

**(6,659)**

**15,745 **

Goodwill

**9,966 **

**(723)**

**9,243 **

Total intangibles and goodwill

** $**

**32,370 **

** $**

**(7,382)**

** $**

**24,988 **

 

Year Ended March 31, 2005

  (in thousands)

  Original Cost

Accumulated Amortization

Carrying Value

  Useful Life

Patents

 $

6,323 

 $

(677)

 $

5,646 

5-20 

Licenses

10,823 

(2,589)

8,234 

3-17 

Trademarks

67 

(26)

41 

10-20 

Other intangibles

4,474 

(1,144)

3,330 

3-20 

Subtotal intangibles

21,687 

(4,436)

17,251 

Goodwill

9,753 

(722)

9,031 

Total intangibles and goodwill

 $

31,440 

 $

(5,158)

 $

26,282 

 

Theaggregate amortization expense on intangible assets recorded for fiscal 2006was $2.3 million.  The following table summarizes the estimated aggregateamortization expense for each of the five succeeding fiscal years:

 

  Year Ended

Estimated  Amortization Expense (in thousands)

March 31, 2007

 $

2,303 

March 31, 2008

 $

2,193 

March 31, 2009

 $

1,708 

March 31, 2010

 $

914 

March 31, 2011

 $

914 

 

Thechanges in the carrying amount of goodwill for fiscal 2006, 2005 and 2004 wereas follows:

 

(in thousands)

Balance at March 31, 2003

 $

3,475 

Goodwill acquired

5,391 

Currency translation

323 

Balance at March 31, 2004

9,189 

Goodwill acquired

45 

Goodwill disposed

(277)

Currency translation

74 

Balance at March 31, 2005

9,031 

Goodwill acquired

455 

Goodwill disposed

(73)

Currency translation

(170)

Balance at March 31, 2006

 $

9,243 

 

76

**Note J - Acquisitions**

 

**A-LifeLtd.**

 

On August 25, 2003, theCompany completed the acquisition of A-Life Ltd, which had developed ahyaluronic acid based dermal filler product, from Vitrolife, AB.  Theacquisition was valued at $7.5 million, net of cash acquired, and was paid fromexisting cash balances.  The purchase price was allocated to the tangibleand intangible net assets acquired on the basis of their respective fair valueson the acquisition date.  The purchase price was allocated to accountsreceivable of $36,000, other assets of $349,000, production equipment of$393,000 and intangible assets of $6,821,000, net of accrued liabilities of$123,000. 

 

**NoteK - Earnings per Share**

 

Areconciliation of weighted average shares outstanding, used to calculate basicearnings per share, to weighted average shares outstanding assuming dilution,used to calculate diluted earnings per share, follows:

 

Year Ended  March 31,

(in thousands, except per share data)

**2006**

2005

2004

Net income from continuing operations: as reported

** $**

**48,079 **

 $

42,808 

 $

45,772 

Add back after tax interest expense on convertible  note

**3,208 **

3,208 

947 

Net  income from continuing operations for numerator of diluted  earnings per share

** $**

**51,287 **

 $

46,016 

 $

46,719 

** **

Year Ended March 31,

(in  thousands)

**2006**

2005

2004

Weighted average  outstanding shares: basic

**42,995 **

41,921 

45,543 

Restricted grants

**140 **

- 

- 

Shares issuable  through exercise of stock options

**1,901 **

2,620 

2,214 

Shares issuable  through convertible notes

**5,138 **

5,126 

1,515 

Shares issuable  through warrants

**696 **

- 

- 

Weighted average  outstanding shares: diluted

**50,870 **

49,667 

49,272 

Basic earnings per  share

** $**

**1.12 **

 $

1.02 

 $

1.00 

Diluted earnings per  share1

** $**

**1.01 **

 $

0.93 

 $

0.95 

1 Per share amounts and diluted shares outstanding for  fiscal 2004 have been restated to reflect the additional shares that would be  issued upon  conversion of the Company's 23⁄4% convertible notes, in accordance  with  the adoption of Emerging Issue Task Force (EITF) Issue No. 04-8 in  the  quarter ended December 2004. 

 

Employeestock options

 

Sharesissuable under the Company's employee stock option plans that have exerciseprices in excess of the average price per share during the period are includedin the diluted earnings per share calculation using the treasury stockmethod.  Options to purchase 1,000, 68,500 and 66,500 shares with exerciseprices greater than the average market prices of common stock were outstandingduring fiscal 2006, 2005 and 2004, respectively.  These options wereexcluded from the respective computations of diluted earnings per share becausetheir effect would be anti-dilutive.

 

Convertiblesubordinated notes and warrants

 

Theterms of the Company's convertible subordinated notes include restrictionswhich prevent the holder from converting the notes until the Company's shareprice exceeds the 120% Conversion Price on 20 trading days of the 30consecutive trading day period ending on the first day of such fiscal quarter. However, EITF issue No. 04-8 requires that the Company use the if-convertedmethod to determine the dilutive impact of the convertible subordinated notesdescribed below in Note L.  Under the if-converted method, the numerator of thediluted earnings per share calculation is increased by the after-tax interestexpense avoided for the period upon conversion and the denominator of thecalculation is increased by approximately 5.1 million shares potentially issuedupon conversion for both that current reporting period and the correspondingyear-to-date reporting period.

 

77

Asdescribed below in Note L, we purchased a convertible note hedge and soldwarrants which, in combination, have the effect of reducing the dilutive impactof the convertible subordinated notes by increasing the effective conversionprice for the notes from the Company's perspective to approximately $39.2633. SFAS 128, however, requires the Company to analyze the impact of theconvertible note hedge and warrants on diluted earnings per share separately. As a result, the purchase of the convertible note hedge is excluded because itsimpact will always be anti-dilutive.  SFAS 128 further requires that theimpact of the sale of the warrants be computed using the treasury stockmethod.  

 

Forexample, using the treasury stock method, if the average price of the Company'sstock during the period ended March 31, 2006 had been $38.00, $43.00 or $49.00,the shares from the warrants to be included in diluted earnings per share wouldhave been zero, 447,000 and 1,022,000 shares, respectively.  The total maximum numberof shares that could potentially be included under the warrants is 5.1 million. The average share price of our stock during the quarter ended March 31, 2006exceeded the $39.2633 conversion price of the warrants.  The impact of thesewarrants was that 0.663 million shares were added to the diluted shares anddiluted earnings per share calculation during that period, and the weightedaverage impact for the full fiscal year was 0.696 million shares.  TheCompany adopted the provisions of EITF 04-8, "The Effect of ContingentlyConvertible Debt on Diluted Earnings per Share," in December 2004. The EITF required the inclusion of contingently issuable shares in thecalculation of diluted earnings per share when the effect would be dilutiveeven if none of the required conditions for conversion were satisfied.  Inaddition, the EITF required application on retrospective basis for all periodspresented.  

 

**NoteL - Long-Term Debt**

 

On December 22, 2003,the Company completed an offering of $150 million of convertible subordinatednotes due January 1, 2024 pursuant to Rule 144A under the Securities Act of1933.  The notes bear interest at 23⁄4% per annum and are convertible intoshares of the Company's common stock at an adjusted conversion price of$29.167per share and are subordinated to all existing and future senior debt.

Holders of the notesmay convert their notes only if any of the following conditions is satisfied:
- during any fiscal quarter prior	to January 1, 2019, if the closing price of the Company's common stock for	at least 20 trading days in the 30 consecutive trading day period ending on	the first trading day of such fiscal quarter is more than 120% of the	conversion price per share of the Company's common stock on such trading	day;
-  any business day on or after January 1,	2019, if the closing price of the Company's common stock on the immediately	preceding trading day is more than 120% of the conversion price per share of	the Company's common stock on such trading day;  
-  during the five business day period after	any five consecutive trading day period if the average of the trading prices	of the notes for such five consecutive trading day period is less than 98%	of the average of the conversion values of the notes during such period,	subject to certain limitations;  
-  if the Company has called the notes for	redemption; or  
-  if the Company makes certain significant	distributions to holders of its common stock or the Company enters into	specified corporate transactions.  

78

Atan initial conversion price of $29.289, each $1,000 principle amount of noteswill be convertible into 34.1425 shares of common stock.  As a result of theCompany's recent dividend increase, the conversion price has been adjusted to $29.167, and each $1,000 principle amountwill be convertible into 34.2853 shares of common stock.

Duringthe quarter ending March 31, 2006, one of the conditions required for conversion of thenotes was satisfied and, accordingly, the holders of notes have the option toconvert the notes into common shares at the aforementioned adjusted conversionprice per share.  

Concurrentwith the issuance of the convertible subordinated notes, the Company purchaseda convertible note hedge from Credit Suisse First Boston LLC.  The note hedgeexpires on January 1, 2009 and gives the Company the ability to purchase sharesof our common stock equal to the number of shares we are obligated to issueunder any convertible notes converted by the holder prior to the hedgeexpiration date at a purchase price equal to the conversion price of the convertiblenotes.  

Concurrentwith the issuance of the notes, the Company issued warrants to Credit SuisseFirst Boston LLC.  The warrants are European-style call warrants, which alsoexpire on January 1, 2009.  The holder of the warrants is entitled to purchase5.14 million shares of the Company's common stock at $39.2633.  The number ofshares and exercise price of the warrants are subject to adjustment from timeto time in a similar manner to the convertible notes.

Boththe note hedge and the warrants may be settled either in cash or shares at theCompany's option.  The Company is not obligated under either the warrants orthe note hedge, to settle its obligations in cash.  Under no circumstance isthe Company obligated to issue shares under the note hedge.  The warrants dorequire the Company to settle its obligations thereunder in cash or shares, dopermit the Company to settle its obligation in unregistered shares and containno provision obligating the Company to settle its obligations in freely-tradableshares, and the Company is not required to make any cash payments under thewarrants for failure to have a registration statement declared effective. There are no required cash payments to the holder of the warrants if the sharesinitially delivered upon settlement are subsequently sold by the holder and thesales proceeds are insufficient to provide the holder with an expected return. The Company has sufficient authorized shares to settle the warrants and theconvertible notes in shares, considering all of its obligations under theinstruments for their full terms.  The warrants, note hedge, and convertiblenotes each contain an express limit on the number of shares issuablethereunder.  The warrants and note hedge expressly indicate that the holder ofthe warrants has no rank higher than those of a shareholder of the stockunderlying the warrants.  Under certain circumstances in a change of control ofthe Company we may be required to issue additional shares under a make-wholeprovision under the warrant. The Company has no obligation to post collateralunder the warrants, convertible notes or note hedge.  

The cost of the note hedge and the proceedsfrom the sale of warrants have been included in shareholders' equity inaccordance with the guidance in EITF No. 00-19, "Accounting for DerivativeFinancial Instruments Indexed to and Potentially Settled in a Company's ownStock."  Any proceeds received or payments made upon termination of theseinstruments will be recorded in shareholders' equity.

**Note M - Share Repurchase Program**

TheCompany has a stock repurchase program to provide liquidity to the market andto reduce the overall number of shares outstanding, which has helped offset thedilutive effects of our employee stock option programs  and the dilutive effectof EITF Issue No. 04-8 related to the inclusion of contingently convertibledebt in fully diluted earnings per share calculations.  All shares repurchasedunder the program are retired and are no longer deemed to be outstanding.  At March 31, 2003, 1.8million shares remained authorized for repurchase under prior year's Board ofDirectors authorization.  On July 31, 2003 the Board of Directors increasedthe authorized number of shares to be repurchased from 1.8 million to 4.0million shares.  On December 5, 2003, the Board of Directors increased the authorizednumber of shares to be repurchased by 5.0 million shares from 2.5 million to7.5 million shares.  On March 6, 2006, the Board of Directors increased the authorizednumber of shares to be repurchased by 5.0 million shares from 1.3 million to6.3 million shares.  During fiscal 2004, 5.4 million shares were repurchasedfor $135.8 million and 3.6 million shares remained authorized for repurchase asof March 31, 2004.  During fiscal 2005, 2.3 million shares wererepurchased for $79.8 million and 1.3 million shares remained authorized forrepurchase as of March 31, 2005.  During fiscal 2006, approximately 996,000 wererepurchased from retiring board members for approximately $42.8 million, and 5.3million shares remained authorized for repurchase as of March 31, 2006.  SeeNote O - Related Party Transactions for additional information on the sharerepurchase.  See Note W - Subsequent Events (Unaudited) for additional sharerepurchases subsequent to March 31, 2006.  The timing of repurchases is subject to marketconditions, cash availability, and blackout periods during which the Company isrestricted from repurchasing shares.  There is no guarantee that the remainingshares authorized for repurchase by the Board will ultimately be repurchased. 

79

**Note N - Commitments**

The Company leases certain facilities undernon-cancelable operating leases with unexpired terms ranging from 1 to 16 years. Most leases contain renewal options.  Rental expense from continuingoperations for these leases was $4.0 million, $3.5 million and $2.8 million forfiscal 2006, 2005 and 2004, respectively.

Future minimum lease payments under leasearrangements at March 31, 2006 were as follows:
(in thousands)
2007
 $
4,804 

2008

4,726 

2009

4,613 

2010

4,452 

2011

4,224 

Thereafter

12,351 
Total $
35,170 

** **

**Note O - Related Party Transactions**

OnDecember 13, 2004, the Company repurchased 1,500,000 shares of itscommon stock from two investment partnerships managed by VA Partners, LLC, atthe time our largest shareholder, at a purchase price of $33.85 per share, theclosing price of the common stock on the NYSE on that date.  On December 14, 2004 theCompany repurchased an additional 750,000 shares of its common stock from thesame investment partnerships at $34.00 per share, a discount to the $34.41closing price on the NYSE on that date.  The 2.25 million shares wererepurchased for a total of $76.3 million pursuant to the Company's continuingstock repurchase program and represented approximately 5% of outstanding sharesbefore the occurrence of the transactions.  VA Partners, LLC, through severalof its investment partnerships, owned 6.9 million shares representingapproximately 16% of our outstanding common stock prior to these transactions. Mr. Jeff Ubben, a managing member of VA Partners, LLC, is a member of Mentor's Boardof Directors.  The Company's Audit Committee evaluated and pre-approvedthe transactions.

On March 6, 2006, theCompany repurchased 995,814 shares of its common stock from two retiring membersof the Board of Directors at a purchase price of $43.00 per share, a discount fromthe closing price of our common stock on the NYSE of $44.37 on that date.  TheCompany's Audit Committee and the Board of Directors evaluated and pre-approvedthe transactions.

OnJune 5, 2006, the Company repurchased 2.0 million shares of itscommon stock from an investment partnership managed by ValueAct Capital at$42.00 per share, a discount to the $42.21 closing market on the NYSE on thatdate.  The 2.0 million shares were repurchased for a total of $84million pursuant to the Company's continuing stock repurchase program andrepresent approximately 4.6% of outstanding shares before thetransactions.  After the transactions, ValueAct Capital, through severalof its investment partnerships, continues to own more than 2 million shares ofCommon Stock, or approximately 5% of the outstanding shares of the Company.  Therepurchase of these shares was pre-approved by the Audit Committee and theBoard of Directors with interested parties abstaining or not inattendance. 

SeeNote R for a description of severance payments made to two of the Company'sformer executive officers.

** **

 

80

**NoteP - Warranty Reserves**

The Company provides anaccrual for the estimated cost of product warranties at the time revenue isrecognized.  The Company offers product replacement and certain financialassistance for surgical procedures that fall within the limited warranties andcoverage period of implantation on its breast implant products.  Such accrualsare based on estimates, taking into consideration relevant factors such as unitsales, historical experience, warranty period, estimated costs, and, to alimited extent, information developed by the Company's insurance company usingactuarial techniques.  The Company assesses the adequacy of the accrual forproduct warranties periodically and adjusts the amounts as necessary based onactual experience and changes in future expectations.  In the first quarter offiscal 2006, the Company expanded its standard limited warranty programs toprovide certain financial assistance for surgical procedures within ten yearsof implantation (increased from five years) and in the third quarter of fiscal2006 expanded the program coverage to include silicone gel-filled breastimplant sales implanted in certain European and other international countries. These changes to the Company's warranty programs were not retroactive, butapplicable to implants implanted subsequent to the effective date of theexpanded programs.  

The followingtable presents changes in the Company's accrued product warranty reserves for fiscal2006, 2005 and 2004.

Year Ended  March 31,

(in thousands)

**2006**

2005

2004

Beginning warranty  reserves

** $**

**19,245 **

 $

17,783 

 $

14,392 

Cost of warranty  claims

**(3,860)**

(4,186)

(3,615)

Accrual for product  warranties

**6,965 **

5,648 

7,006 

Adjustments made to  accruals related to pre-existing warranties

** **

**- **

- 

- 

Ending warranty  reserves

** $**

**22,350 **

 $

19,245 

 $

17,783 

** **

**NoteQ - Contingencies**

Warrantyand product liability claims are a regular and ongoing aspect of the medicaldevice industry.  At any one time, the Company may be subject to claimsagainst it and may be involved in litigation.  These actions can bebrought by an individual, or by a group of patients purported to be a classaction.  The Company is currently involved in a number of productliability legal actions, the outcomes of which are not within its control andmay not be known for prolonged periods of time.  The Company has retainedliabilities associated with warranty and product liability claims arising outof its urology products sold prior to the June 2, 2006closing date.  No individual product liability case or group of cases, in whichthe Company is currently involved, is considered material and there are nocertified class actions currently pending against the Company.  In accordancewith SFAS No. 5 "Accounting for Contingencies", a liability is recorded in theconsolidated financial statements when a loss is known or considered probableand the amount can be reasonably estimated.  If the reasonable estimate of aknown or probable loss is a range, and no amount within the range is a betterestimate, the minimum amount of the range is accrued.  If a loss is notprobable or cannot be reasonably estimated, no liability is recorded in theconsolidated financial statements.

TheCompany carries product liability insurance on all its products, except itssilicone gel-filled implants, which in the United  States are only available through acontrolled clinical study.  This insurance is subject to certainself-insured retention and other limits of the policy, exclusions anddeductibles that the Company believes to be appropriate.  At March 31, 2006, theCompany had established reserves of $2.9 million for product related claims tothe extent that those claims may result in settlements or judgments within itsself-insured retention limits.  In addition, at March 31, 2006, the Company hadestablished additional reserves of $3.8 million, through its wholly ownedcaptive insurance company based on actuarially determined estimates and takingthe Company's excess insurancecoverage into account.  Those reserves were actuarially determined based onhistorical information, trends and certain assumptions about future claims andare primarily for claims that have been asserted.  Should actual productliability experience differ from the estimates and assumptions used to developthese reserves, subsequent changes in these reserves will be recorded inselling, general and administrative expenses and may affect the Company's operatingresults in future periods.

 

 

81

Inaddition, the Company also offers limited warranty coverage on some of itsproducts (see Note P for details). While the Company engages in extensiveproduct quality programs and processes, including actively monitoring andevaluating the quality of its component suppliers, the limited warrantyobligation is affected by reported rates of product problems as well as thecosts incurred in correcting product problems.  Should actual warrantyexperience differ from the estimates and assumptions used to develop thewarranty reserves, subsequent changes in the reserves will be recorded in costof sales and may affect our operating results in future periods. 

 

Inaddition, in the ordinary course of its business, the Company experiencesvarious types of claims that sometimes result in litigation or other legalproceedings.  The Company does not anticipate that any of theseproceedings will have a material adverse effect on the Company.

 

**NoteR - Severance Charges and Restructuring and Long-Lived Asset Impairment Charges**

Severance Charges 

On February 16, 2005,Christopher J. Conway and Adel Michael each resigned as a director andexecutive officer of the Company.  In connection with resignation and severanceagreements entered into with them, the Company incurred $8.5 million inexpenses in February 2005.  As one of the co-founders of the Company, andfollowing 36 years of service, Mr. Conway received certain severancecompensation in the form of both cash payments totaling $2.3 million andnon-cash benefits in the amount of $2.1 million related to the acceleratedvesting of his unvested and unexpired stock options.  In addition, Mr. AdelMichael, the Company's former Vice Chairman, received severance compensation inthe form of cash benefits in the amount of $1.8 million and non-cash benefitsin the amount of $2.3 million related to the accelerated vesting of his unvestedand unexpired employee stock options.     

Restructuring andLong-Lived Asset Impairment Charges  

During thefourthquarter of fiscal year 2005, the Company incurred $1.7 million in expensesrelated to restructuring of certain of our operations to achieve improvedefficiencies and certain long-lived assets that were determined to beimpaired.  The restructuring charges totaled $1.4 million and the impairmentcharges totaled $0.3 million.  

**NoteS - Postretirement Benefit Plan**

** **

TheCompany's Savings and Investment Plan is a qualified salary-reduction planunder Section 401(k) of the Internal Revenue Code in which substantially all ofour U.S. employees may participate by contributing a portion of theircompensation.  The Company matches contributions up to specified percentages ofeach employee's compensation depending on how the employee allocates his or hercontributions.  Charges against income for the matching contributions, were $0.9million, $0.8 million and $0.8 million for fiscal years 2006, 2005 and 2004,respectively.

** **

**NoteT - Discontinued Operations**

InOctober, 2005, the Company announced that it was evaluating strategicalternatives for its Urology Business that would both enhance shareholder valueand enable the Company to focus more fully on its aesthetics business.  On May 17, 2006 theCompany executed a definitive agreement for the sale of the Company's SurgicalUrology and Clinical and Consumer Healthcare business segments to Coloplast for$463 million, of which $456 million is in cash and $7 million is in non-cashconsideration consisting of the value of certain foreign tax credits that theCompany expects to realize arising from the transaction prior to the close.  Thesale was completed on June 2, 2006.  In accordancewith SFAS No. 144 "Accounting for the Impairment or Disposal of Long LivedAssets," the assets and liabilities related to this transaction have beensegregated from continuing operations and are reported as assets andliabilities of discontinued operations in the accompanying consolidated balancesheets.  In addition, operations associated with these segments have beenclassified as income from discontinued operations in the accompanyingconsolidated statements of income.

82

Themajor classes of assets and liabilities of discontinued operations included inthe Company's Consolidated Balance Sheets were as follows:

 

 As of March 31,

(In thousands)

**2006**

2005

Assets  held for sale:

Accounts  Receivable, net

** $**

**50,698 **

 $

53,531 

Inventories

**38,016 **

39,874 

Deferred  income taxes

**4,305 **

3,932 

Prepaid  expenses and other current assets

**3,051 **

2,925 

Total  current assets held for sale

**96,070 **

100,262 

** **

Property,  plant and equipment, net

**29,497 **

35,316 

Intangible  assets, net

**14,063 **

14,904 

Goodwill,  net

**16,380 **

15,049 

Other  assets

**324 **

613 

Total  assets held for sale

** $**

**156,334 **

 $

166,144 

** **

Liabilities  associated with assets held for sale:

** **

Accounts  payable and accrued liabilities

** $**

**27,220 **

 $

31,638 

Income  taxes payable

**1,751 **

636 

Current  portion of purchase price related to acquired technologies  and acquisitions

**1,000 **

1,812 

Short-term  bank borrowings

**- **

2,212 

Total  current liabilities associated with assets held for sale

**29,971 **

36,298 

** **

Other  long-term liabilities

**10,555 **

13,720 

Total  liabilities associated with assets held for sale

** $**

**40,526 **

 $

50,018 

Net sales from discontinued operations were$235.5 million, $231.7 million and $203.7 million for fiscal years 2006, 2005and 2004, respectively.  Income before income taxes from discontinuedoperations were $24.8 million, $18.5 million and $12.9 million for fiscal years2006, 2005 and 2004, respectively.

Included in discontinued operations forfiscal 2006, were pre-tax charges of $6.1 million related to the divestiture ofthe Company's surgical urology and clinical and consumer healthcarebusinesses.  Included in discontinued operations for fiscal 2005 were pre-tax chargesof $6.6 million related to the Company's restructuring and long-lived assetimpairment.  Included in discontinued operations for fiscal 2004 were pre-taxcharges of approximately $1.0 million related to a reorganization of theurology sales force.

** **

83

**NoteU - Segment Information for Continuing Operations**

We operate in one business segment -aesthetic medicine.  Therefore, results of operations are reported on aconsolidated basis for purposes of segment reporting.  The Company's operationsby geographic area are presented below. 

Year Ending March 31,

(in  thousands)

**2006**

2005

2004

**Geographic  area net sales**

United    States

** $**

**192,764 **

 $

186,488 

 $

163,445 

Canada

**15,178 **

12,641 

11,093 

All  other countries

**60,330 **

52,597 

43,899 

Consolidated  total

** $**

**268,272 **

 $

251,726 

 $

218,437 
            
At March 31,

(in  thousands)

**2006**

2005

2004

**Geographic  area long-lived assets**

United    States

** $**

**31,973 **

 $

32,774 

 $

33,529 

Netherlands

**15,413 **

16,460 

16,259 

All  other countries

**14,050 **

14,019 

14,684 

Consolidated  total

** $**

**61,436 **

 $

63,253 

 $

64,472 

 

**NoteV - Quarterly Financial Data (Unaudited)**

 

Thefollowing is a summary of unaudited quarterly results of operations: 

 

(in thousands, except  per share data)

**Year Ended March 31, 2006**

**First**

**Second**

**Third**

**Fourth**

**Net sales**

** $**

**74,126 **

**$**

**58,672 **

**$**

**63,072 **

**$**

**72,402 **

**Gross profit**

**55,780 **

**43,949 **

**46,896 **

**52,438 **

**Net income from continuing operations**

**17,075 **

**8,182 **

**9,246 **

**13,576 **

**Net income from discontinued  operations,     net of tax**

**5,400 **

**3,936 **

**3,498 **

**1,444 **

**Net income**

** $**

**22,475 **

** $**

**12,118 **

** $**

**12,744 **

** $**

**15,020 **

 

** **

** **

** **

** **

**Basic earnings  per share**

** **

** **

** **

** **

**  Continuing operations**

** $**

**0.41 **

**$**

**0.19 **

**$**

**0.21 **

**$**

**0.31 **

**  Discontinued operations**

** **

**0.13 **

** **

**0.09 **

** **

**0.08 **

** **

**0.03 **

**     Basic earnings  per share**

** $**

**0.54 **

** $**

**0.28 **

** $**

**0.29 **

** $**

**0.34 **

**Diluted earnings  per share**

** **

** **

** **

** **

**  Continuing operations**

** $**

**0.36 **

** $**

**0.18 **

** $**

**0.19 **

** $**

**0.28 **

**  Discontinued operations**

**0.11 **

**0.07 **

**0.07 **

**0.03 **

**     Diluted  earnings per share**

** $**

**0.47 **

** $**

**0.25 **

** $**

**0.26 **

** $**

**0.31 **

 

 

84

Year Ended March 31, 2005

First

Second

Third

Fourth

Net sales

 $

65,544 

$

54,322 

$

63,181 

$

68,679 

Gross profit

47,739 

39,692 

47,470 

52,249 

Net income from continuing operations

14,055 

9,910 

12,685 

6,158 

Net income from discontinued operations,     net of tax

3,599 

2,624 

3,644 

2,206 

Net income

 $

17,654 

 $

12,534 

 $

16,329 

 $

8,364 

Basic earnings per share

   Continuing operations

$

0.34 

$

0.23 

$

0.30 

$

0.15 

   Discontinued operations

0.08 

0.06 

0.09 

0.06 

     Basic earnings per share

$

0.42 

$

0.29 

$

0.39 

$

0.21 

Diluted earnings per share

   Continuing operations

$

0.30 

$

0.22 

$

0.27 

$

0.14 

   Discontinued operations

0.07 

0.05 

0.07 

0.05 

     Diluted earnings  per share

 $

0.37 

 $

0.27 

 $

0.34 

 $

0.19 

** **

**NoteW - Subsequent Events (Unaudited)**

Aspart of its share repurchase program, the Company agreed on June 5, 2006 torepurchase from an investment partnership managed by ValueAct Capital 2.0million shares of its common stock at $42 per share, a discount from theclosing market price quoted on the New York Stock Exchange of $42.21 on June 5, 2006.  The2.0 million shares were repurchased for a total of $84 million pursuant to theCompany's continuing stock repurchase program and represent approximately 4.6%of outstanding shares before the transactions.  After the transactions,ValueAct Capital, through several of its investment partnerships, continues toown more than 2 million shares of Common Stock, or approximately 5% of theoutstanding shares of the Company.  ValueAct Capital's managing director, Mr.Jeff Ubben, is a member of the Company's Board of Directors.  Therepurchase of these shares was pre-approved by the Audit Committee and theBoard of Directors with interested parties abstaining or not inattendance. 

Asof June 12, 2005, approximately 3.3 million shares remain authorizedfor repurchase under the Company's stock repurchase program.  All sharesrepurchased under the program have been retired and are no longer deemed to beoutstanding.  There is no guarantee that the remaining shares authorizedfor repurchase will ultimately be repurchased.  

Theadditional shares available for repurchase are subject to limitations set forthin the Company's Credit Agreement previously entered into on May 26, 2005 andamended on May 31, 2006.  The amended Credit Agreement now permits therepurchase of up to $250,000,000 of equity securities, a portion of which wasutilized in the repurchase described in the previous paragraph, leaving aremaining amount of $166,000,000.  In addition, after the $250,000,000 isutilized for such repurchases, the Company may repurchase during any fourconsecutive quarters additional equity securities in an amount limited to theCompany's consolidated net income, less dividends paid, for the preceding four quarters.

85

**SCHEDULE II**

**VALUATION ANDQUALIFYING ACCOUNTS AND RESERVES**(in thousands)

Additions

  Description

  Balance at  Beginning  of Period

  Charged   to Costs and  Expenses

  Charged   to Other  Accounts

  Deductions

  Balance at  End of  Period

	 

** **

** **

** **

** **

** **

**Year Ended March   31, 2006**

** **

** **

** **

** **

** **

**Deducted  from asset accounts:**

** **

** **

** **

** **

** **

**   Allowance for doubtful accounts**

** $**

**3,839 **

** $**

**1,804 **

** $**

**- **

** $**

**1,027 **

** $**

**4,616 **

	 

** **

** **

** **

** **

** **

**Liability  reserves:**

** **

** **

** **

** **

** **

**   Warranty reserves**

** $**

**19,245 **

** $**

**6,965 **

** $**

**- **

** $**

**3,860 **

** $**

**22,350 **

**   Product liability reserves**

**5,232 **

**1,732 **

**- **

**263 **

**6,701 **

**   Accrued sales returns and allowances**

**13,162 **

**9,049 **

**- **

**6,667 **

**15,544 **

	 

** $**

**37,639 **

** $**

**17,746 **

** $**

**- **

** $**

**10,790 **

** $**

**44,595 **

Year  Ended March 31, 2005

Deducted  from asset accounts:

   Allowance for doubtful accounts

 $

3,560 

 $

1,113 

 $

- 

 $

834 

 $

3,839 

Liability  reserves: 

   Warranty reserves

 $

17,783 

 $

5,648 

 $

- 

 $

4,186 

 $

19,245 

   Product liability reserves

4,530 

915 

**- **

213 

5,232 

   Accrued sales returns and allowances

11,327 

8,697 

- 

6,862 

13,162 

 $

33,640 

 $

15,260 

 $

- 

 $

11,261 

 $

37,639 

Year  Ended March 31, 2004

Deducted  from asset accounts:

   Allowance for doubtful accounts

 $

2,933 

 $

1,823 

 $

- 

 $

1,196 

 $

3,560 

Liability  reserves: 

   Warranty reserves

 $

14,392 

 $

7,006 

 $

- 

 $

3,615 

 $

17,783 

   Product liability reserves

4,517 

620 

- 

607 

4,530 

   Accrued sales returns and allowances

10,005 

3,859 

- 

2,537 

11,327 

 $

28,914 

 $

11,485 

 $

- 

 $

6,759 

 $

33,640 

 

 

86

**Signatures**

 

Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, registrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 

** **

**MENTOR CORPORATION**

DATE: June 14, 2006

/s/JOSHUA H. LEVINE

Joshua H. Levine

President and Chief  Executive Officer

*KNOW ALL PERSONS BY THESE PRESENTS*, that each person whose signature appearsbelow constitutes and appoints Joshua H. Levine and Loren L. McFarland and eachof them, acting individually, as his attorney-in-fact, with full power ofsubstitution, for him and in any and all capacities, to sign any and allamendments to this report on Form 10-K (including any post-effectiveamendments thereto) and to file the same, with all exhibits thereto and otherdocuments in connection therewith, with the Securities and Exchange Commission,hereby ratifying and confirming all that each of said attorneys-in-fact, or hissubstitute or substitutes, may do or cause to be done by virtue hereof. 

Pursuant to the requirements of theSecurities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the registrant, and in the capacities and on thedates indicated:

**Signatures**

**Title**

**Date  Signed**

/s/JOSHUA H.  LEVINE                       Joshua H. Levine

President and Chief  Executive Officer  (Principal Executive Officer)

June 14, 2006

/s/LOREN L.  MCFARLAND              Loren L. McFarland

Vice President,  Chief Financial Officer and Treasurer  (Principal Financial and Accounting Officer)

June 14, 2006

/s/JOSEPH E. WHITTERS  Joseph E. Whitters

Chairman of the  Board

June 9, 2006

/s/MICHAEL L.  EMMONS                Michael L. Emmons

Director

June 13, 2006

/s/WALTER W.  FASTER                   Walter W. Faster

Director

June  13, 2006

/s/MICHAEL  NAKONECHNY          Michael Nakonechny

Director

June 9, 2006

/s/RONALD J.  ROSSI                          Ronald J. Rossi

Director

June 13, 2006

/s/JEFFREY W.  UBBEN                      Jeffrey W. Ubben

Director

June 13, 2006

 

87
**EXHIBIT INDEX**
Item Number

2.1

Binding  Offer Letter from Coloplast A/S regarding purchase of Mentor Urology Business  dated March 27, 2006.

2.2

Revised  Binding Offer Letter from Coloplast A/S regarding purchase of Mentor Urology  Business dated May 5, 2006 Including Appendix A.

2.3

Purchase  Agreement between Coloplast A/S and Mentor Corporation dated May 17, 2006

2.4

Listing  Schedules for Purchase Agreement between Coloplast A/S and Mentor Corporation  dated May 17, 2006.

2.5

Side  Letter Agreement Between Coloplast A/S and Mentor Corporation dated June 2, 2006.

3.1

Composite  Restated Articles of Incorporation of the Company dated December 12, 2002 --  Incorporated by reference to Exhibit 3.1 of the Registrant's Annual Report on  Form 10-K for the year ended March 31, 2003.

3.2

Amended  and Restated Bylaws of Mentor Corporation dated September 14, 2005 --  Incorporated by reference to Exhibit 3.2 of the Registrant's Quarterly Report  on Form 10-Q for the quarter ended September 30, 2005.

4.1

Indenture  23⁄4% Convertible Subordinated Notes Due 2024, dated December 22, 2003  --Incorporated by reference to Exhibit 4.1 of the Registrant's Quarterly  Report on Form 10-Q for the quarter ended December 31, 2003. 

10.1*

Mentor  Corporation 1991 Stock Option Plan -- Incorporated by reference to  Registration Statement on Form S-8, Registration No. 333-48815, filed June 24, 1992.

10.2*

Mentor  Corporation 2000 Stock Option Plan -- Incorporated by reference to  Registration Statement on Form S-8, Registration No. 333-73306, filed November 14, 2001.

10.3*

Mentor  Corporation 1991 Stock Option Plan -- Incorporated by reference to  Registration Statement on Form S-8, Registration No. 333-100841, filed October 30, 2002.

10.4*

Mentor Corporation 2005  Long-Term Incentive Plan (as amended November 2005).

10.5*

Mentor Corporation Employee  Stock Purchase Plan -- Incorporated by reference to Exhibit 10.9 of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005.

10.6

Lease  Agreement, dated November 1989, between Mentor Corporation and Skyway  Business Center Joint Venture -- Incorporated by reference to Exhibit 10(b)  of the Registrant's  Annual Report on Form 10-K for the year ended March 31, 2002.

10.7

First  Amendment to Lease Agreement, dated December 1, 1993,  between Mentor Corporation and Skyway Business Center Joint Venture --  Incorporated by reference to Exhibit 10(c) of the Registrant's  Annual  Report on Form 10-K for the year ended March 31, 2002.

10.8

Lease  Agreement, dated July 23, 1990, between Mentor Corporation and SB Corporate  Center, Ltd., covering 201 Mentor Drive, Santa Barbara, CA 93111 --  Incorporated by reference to Exhibit 10(f) of the Registrant's Annual Report  on Form 10-K for the year ended March 31, 2003.

 

88

**EXHIBITINDEX (continued)**

Item Number

10.9

Lease  Agreement, dated August 19, 1998, between Mentor Corporation and SB Corporate  Center, LLC, covering 301 Mentor Drive -- Incorporated by reference to  Exhibit 10(n) of the Registrant's Annual Report on Form 10-K for the year  ended March 31, 1999.

10.10*

Incentive  Bonus Plan -- Incorporated by reference to Exhibit 10(2) of the Registrant's  Quarterly Report on Form 10-Q for the quarter ended June 30, 2003.

10.11

Convertible  Note Hedge Confirmation, dated December 17, 2003 -- Incorporated by reference to Exhibit 10(b) of the Registrant's  Quarterly Report on Form 10-Q for the quarter ended December 31, 2003.

10.12

Registration  Rights Agreement - 23⁄4% Convertible Subordinated Notes Due 2024, dated December 22, 2003 --  Incorporated by reference to Exhibit 10(c) of the Registrant's Quarterly  Report on Form 10-Q for the quarter ended December 31, 2003.

10.13

Warrants  Confirmation, dated December 17, 2003 -- Incorporated by reference to Exhibit 10(d) of the Registrant's  Quarterly Report on Form 10-Q for the quarter ended December 31, 2003.

10.14

Purchase  Agreement - 23⁄4% Convertible Subordinated Notes Due 2024, dated December 17, 2003 --  Incorporated by reference to Exhibit 10(e) of the Registrant's Quarterly Report  on Form 10-Q for the quarter ended December 31, 2003.

10.15

Collared  Accelerated Share Repurchase Transaction, dated March 8, 2004 -- Incorporated  by reference to Exhibit 10(29) of the Registrant's Annual Report on Form 10-K  for the year ended March 31, 2004.

10.16*

Amendment  to Employment Agreement between Mentor Corporation and Eugene Glover,  effective April 9, 2004 -- Incorporated by reference to Exhibit 10(32) of the  Registrant's Annual Report on Form 10-K for the year ended March 31, 2004. 

10.17

Exclusive  Supply Agreement between Alchemy Engineering, LLC d/b/a SiTech, LLC and  Mentor Corporation -- Incorporated by reference to Exhibit 10(33) of the  Registrant's Annual Report on Form 10-K for the year ended March 31, 2004.

10.18*

Employment Agreement dated  July 15, 2004, between Mentor Corporation and Peter Shepard -- Incorporated  by reference to Exhibit 10(1) of the Registrant's Quarterly Report on Form  10-Q for the quarter ended June 30, 2004.

10.19*

Employment Agreement dated  July 27, 2004, between Mentor Corporation and Bobby Purkait -- Incorporated  by reference to Exhibit 10(2) of the Registrant's Quarterly Report on Form  10-Q for the quarter ended June 30, 2004.

10.20*

Employment Agreement dated  August 6, 2004, between Mentor Corporation and Adel Michael -- Incorporated  by reference to Exhibit 10(3) of the Registrant's Quarterly Report on Form  10-Q for the quarter ended June 30, 2004. 

10.21*

Employment  Agreement between Mentor Corporation and Joshua H. Levine dated August 25, 2005 --Incorporated  by reference to Exhibit 10(1) of the Registrant's Quarterly Report on Form  10-Q for the quarter ended September 30, 2005.

10.22*

Employment Agreement  between Mentor Corporation and Loren L. McFarland dated  August 25, 2005 -- Incorporated by reference to Exhibit 10(2) of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended September  30, 2005.

 

89

**EXHIBITINDEX (continued)**

Item Number

10.23*

Employment Agreement  between Mentor Corporation and Kathleen M. Beauchamp  dated August 25, 2005 -- Incorporated by reference to Exhibit 10(3) of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended September  30, 2005.

10.24*

Employment Agreement  between Mentor Corporation and David J. Adornetto dated   August 25, 2005 -- Incorporated by reference to Exhibit 10(4) of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended September  30, 2005.

10.25*

Employment Agreement  between Mentor Corporation and A. Christopher Fawzy   dated August 25, 2005 -- Incorporated by reference to Exhibit 10(5) of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended September  30, 2005.

10.26*

Employment Agreement  between Mentor Corporation and Cathy S. Ullery dated August 25, 2005 --Incorporated  by reference to Exhibit 10(6) of the Registrant's Quarterly Report on Form  10-Q for the quarter ended September 30, 2005.

10.27*

Employment Agreement  between Mentor Corporation and Clarke Scherff dated August 25, 2005 --  Incorporated by reference to Exhibit 10(4) of the Registrant's Quarterly  Report on Form 10-Q for the quarter ended September 30, 2006.

10.28

Amended and Restated Supply  Agreement, dated July 6, 2004 by and among NuSil Corporation, SiTech Inc.,  and Mentor Corporation -- Incorporated by reference to Exhibit 10(9) of the  Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30,  2004. 

10.29*

Mentor Corporation Option  Agreement -- Incorporated by reference to Exhibit 10(3) of the Registrant's  Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.

10.30*

Written Description of  Directors Fees Pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K --  Incorporated by reference to Exhibit 10(4) of the Registrant's Quarterly  Report on Form 10-Q for the quarter ended September 30, 2004.

10.31*

Incentive Bonus Plans --  Incorporated by reference to Exhibit 10(5) of the Registrant's Quarterly  Report on Form 10-Q for the quarter ended September 30, 2004.

10.32*

Written Description of Car Allowance  Plan -- Incorporated by reference to Exhibit 10(6) of the Registrant's  Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.

10.33*

Written  Description of Directors Fees Pursuant To Item 601(b)(10)(iii)(A) of  Regulation S-K--Incorporated by reference to Exhibit 10(41) of the  Registrant's Annual Report on Form 10-K for the year ended March 31, 2005.

10.34

Lease  Agreement, dated March 17, 2004 between University Research Park, Incorporated, and Mentor Corporation covering  535 Science Drive, Suites A, B, C and D, Madison,  Wisconsin --Incorporated by reference to Exhibit 10(42) of the Registrant's  Annual Report on Form 10-K for the year ended March 31, 2005.

10.35*

Severance  Agreement and Release dated February 16, 2005, between Mentor Corporation and Christopher J. Conway -- Incorporated  by reference to Exhibit 10(43) of the Registrant's Annual Report on Form 10-K  for the year ended March 31, 2005.

 

90

**EXHIBITINDEX (continued)**

Item Number

10.36*

Severance  Agreement and Release dated February 17,   2005, between Mentor Corporation and  Adel Michael -- Incorporated by reference to Exhibit 10(44) of the  Registrant's Annual Report on Form 10-K for the year ended March 31, 2005.

10.37*

Release  of Claims Agreement dated March 25, 2005,  between Mentor Corporation and Bobby Purkait -- Incorporated by reference to  Exhibit 10(45) of the Registrant's Annual Report on Form 10-K for the year  ended March 31, 2005.

10.38*

Summary  Description of Executive Officer Employment Agreement Changes approved by the  Board of Directors dated April 27, 2005 -- Incorporated by reference to  Exhibit 10(46) of the Registrant's Annual Report on Form 10-K for the year  ended March 31, 2005.

10.39

Credit  Agreement dated May 25, 2005, between Mentor Corporation, Bank of the West,  Union Bank of California, and Wells Fargo, N.A. -- Incorporated by reference  to Exhibit 99(1) of the Registrant's Current Report on Form 8-K filed June 1, 2005.

10.40

English  translation of RaboBank Loan and Overdraft Facility dated September 30, 2005 --  Incorporated by reference to Exhibit 10.1 of the Registrant's Current Report  on Form 8-K filed on October 11, 2005.

10.41*

Mentor  Corporation 2005 Long-Term Incentive Plan Restricted Stock Award Agreement.

10.42
First Amendment to Credit Agreement	dated as of May 31, 2006, amending that certain Credit Agreement, dated as	of May 25, 2005, by and among the Company, Bank of the West, as	administrative agent, Union Bank of California, N. A., as syndication agent,	Wells Fargo Bank, National Association, as documentation agent, and the	lenders from time to time party thereto. -- Incorporated by reference to	Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed on June 6,	2006.
21

Subsidiaries  of the Company.

23

Consent  of Ernst & Young LLP, Independent Registered Public Accounting  Firm.

31.1

Rule  13a-15(e) and 15d-15(e) Certification - Principal Executive Officer - Joshua  H. Levine.

31.2

Rule  13a-15(e) and 15d-15(e) Certification - Principal Financial Officer - Loren  L. McFarland.

32.1

Certification  Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002 - Joshua H. Levine.

32.2

Certification Pursuant to 18 U.S.C.  Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of  2002 - Loren L. McFarland.

*****	Management contract or compensatory plan or arrangement.
 

91 |