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Medtronic Reports Second Quarter Revenue of $3.124 Billion and Diluted EPS of $0.58

Posted on: Monday, 19 November 2007, 18:00 CST

Medtronic, Inc. (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2008, which ended October 26, 2007.

Medtronic recorded second quarter revenue of $3.124 billion, a two percent increase over the $3.075 billion reported in the second quarter of fiscal year 2007. Non-U.S. revenue of $1.166 billion grew 12 percent including the $73 million positive benefit of currency translation. For the quarter, 37 percent of Medtronic's revenue was from outside the U.S. Net earnings for the quarter were $666 million, or $0.58 per diluted share, each a two percent decrease over the same period in the prior year.

Commenting on the voluntary suspension of Fidelis® leads and its negative impact to the business this quarter, Bill Hawkins, Medtronic president and chief executive officer said, "This was the right decision as there is nothing more important to us than the safety and well being of patients."

Unless otherwise noted, all comparisons made in this news release are on an "as reported basis," not on a constant currency basis, and references to quarterly figures increasing or decreasing are in comparison to the second quarter of fiscal year 2007.

Cardiac Rhythm Disease Management

Cardiac Rhythm Disease Management (CRDM) revenue of $1.148 billion decreased 8 percent. Revenue from implantable cardioverter defibrillators (ICDs) was $639 million, down 16 percent, while worldwide pacing revenue of $495 million in the quarter increased 5 percent. The Fidelis defibrillator lead recall had an estimated negative impact of $115 million and $15 million on ICD and Pacing revenue, respectively. Additionally, CRDM incurred expenses of approximately $31 million in inventory write-offs and other direct costs associated with Fidelis during the quarter.

Spinal

Spinal revenue of $660 million grew 10 percent, driven by sales of the biologics product line and strong growth outside the U.S. With the acquisition completed earlier than anticipated, the company expects Kyphon will contribute to revenue in the second half of the fiscal year as Medtronic expands its presence in the aging spine market.

CardioVascular

CardioVascular revenue of $490 million grew 8 percent, driven by Coronary Stents and Endovascular. Coronary Stent revenue of $149 million grew 13 percent and Endovascular revenue grew 11 percent. Final FDA approval for the Endeavor® drug-eluting stent is anticipated by the end of the calendar year, providing Medtronic entry into this approximately $2 billion U.S. market.

Neuromodulation

Neuromodulation revenue of $321 million grew 10 percent. Adjusting for the impact of the previously announced divestitures of the three diagnostics related product lines, the Neuromodulation business grew 15 percent.

Diabetes

Diabetes revenue of $246 million grew 16 percent, driven by double digit growth in pump therapies and a robust uptake in continuous glucose monitoring products.

Ear, Nose and Throat (ENT)

ENT revenue of $149 million grew 16 percent, driven by power systems and monitoring disposables along with further global penetration of the product portfolio.

Physio-Control

Physio-Control revenue of $74 million was down 33 percent, due to the voluntary suspension of U.S. product shipments to address quality system issues.

In closing Hawkins said, "While we are very focused on addressing the challenges in our CRDM business, we are pleased with a number of highlights in our second quarter including the positive FDA panel recommendation of our Endeavor drug-eluting stent, continued progress with our Prestige® Cervical Disc launch, and improved momentum in our neuromodulation business. With our broad diversified business portfolio and the opportunity to accelerate growth outside the U.S., we remain optimistic about our strong growth potential going forward."

Webcast Information

Medtronic will host a webcast for the public, analysts and news media today, Nov. 19 at 4:30 p.m. EST (3:30 CST), to provide information about its businesses, quarterly financial results and analysts' expectations for fiscal 2008 results. This quarterly webcast can be accessed by clicking on the Investor Relations link on the Medtronic home page at www.medtronic.com and this earnings release will be archived at www.medtronic.com/newsroom. Within 24 hours, a replay of the webcast and a transcript of the company's prepared remarks will be available in the "Presentations & Transcripts" section of the Investor Relations homepage.

About Medtronic

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease. Its Internet address is www.medtronic.com.

This news release contains forward-looking statements regarding our operating momentum, new products and other developments, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, integration of acquired businesses, government regulation, general economic conditions and other risk and uncertainties described in Medtronic's Annual Report on Form 10-K for the year ended April 27, 2007. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements.

MEDTRONIC, INC.

REVENUE BY OPERATING SEGMENT - WORLD WIDE

(Unaudited)

($ millions)

FY 07

FY 07

FY 07

FY 07

FY 07

FY 08

FY 08

FY 08

FY 08

FY 08

QTR 1

QTR 2

QTR 3

QTR 4

Total

QTR 1

QTR 2

QTR 3

QTR 4

Total

REPORTED REVENUE :

CARDIAC RHYTHM DISEASE MANAGEMENT

$

1,149

$

1,252

$

1,186

$

1,291

$

4,876

$

1,235

$

1,148

$

-

$

-

$

2,383

Pacing Systems

460

473

458

504

1,895

494

495

-

-

990

Defibrillation Systems

673

764

711

770

2,917

726

639

-

-

1,365

Other

16

15

17

17

64

15

14

-

-

28

SPINAL

$

575

$

599

$

598

$

643

$

2,417

$

644

$

660

$

-

$

-

$

1,304

Spinal Instrumentation

412

421

429

456

1,721

454

462

-

-

916

Spinal Biologics

163

178

169

187

696

190

198

-

-

388

CARDIOVASCULAR

$

448

$

455

$

478

$

528

$

1,909

$

486

$

490

$

-

$

-

$

976

Coronary Stents

120

132

148

161

560

152

149

-

-

302

Other Coronary/Peripheral

99

92

92

100

386

95

96

-

-

191

Endovascular

61

63

64

72

259

69

70

-

-

138

Revasc & Surgical Therapies

100

98

105

114

417

102

105

-

-

207

Structural Heart Disease

68

70

69

81

287

68

70

-

-

138

NEUROMODULATION

$

276

$

291

$

290

$

326

$

1,183

$

289

$

321

$

-

$

-

$

610

Neuro Implantables

226

238

233

265

962

237

264

-

-

500

Gastroenterology & Urology

50

53

57

61

221

52

57

-

-

110

DIABETES

$

196

$

212

$

226

$

229

$

863

$

241

$

246

$

-

$

-

$

486

EAR, NOSE & THROAT (ENT)

$

128

$

129

$

134

$

147

$

539

$

144

$

149

$

-

$

-

$

293

Core ENT

65

65

69

77

278

75

75

-

-

150

Neurologic Technologies

63

64

65

70

261

69

74

-

-

143

CORPORATE TECHNOLOGIES AND NEW VENTURES

$

24

$

26

$

31

$

47

$

127

$

28

$

36

$

-

$

-

$

65

PHYSIO-CONTROL

$

101

$

111

$

105

$

69

$

385

$

60

$

74

$

-

$

-

$

133

TOTAL

$

2,897

$

3,075

$

3,048

$

3,280

$

12,299

$

3,127

$

3,124

$

-

$

-

$

6,250

ADJUSTMENTS :

CURRENCY (1)

$

6

$

32

$

55

$

71

$

166

$

49

$

73

 $  -

 $  -

$

121

COMPARABLE OPERATIONS (1)

$

2,891

$

3,043

$

2,993

$

3,209

$

12,133

$

3,078

$

3,051

$

-

$

-

$

6,129

(1) Medtronic management believes that in order to properly understand Medtronic's short-term and long-term financial trends, investors may wish to consider the impact of foreign currency translation on revenue. In addition, Medtronic management uses results of operations before currency translation to evaluate the operational performance of the Company and as a basis for strategic planning. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP.

Note: The data in this schedule has been intentionally rounded to the nearest million and therefore the quarterly revenues may not sum to the fiscal year to date revenue.

MEDTRONIC, INC.

REVENUE BY OPERATING SEGMENT - US

(Unaudited)

($ millions)

FY 07

FY 07

FY 07

FY 07

FY 07

FY 08

FY 08

FY 08

FY 08

FY 08

QTR 1

QTR 2

QTR 3

QTR 4

Total

QTR 1

QTR 2

QTR 3

QTR 4

Total

REPORTED REVENUE :

CARDIAC RHYTHM DISEASE MANAGEMENT

$

733

$

807

$

737

$

773

$

3,048

$

754

$

679

$

-

$

-

$

1,432

Pacing Systems

228

244

220

240

931

244

237

-

-

480

Defibrillation Systems

495

554

507

525

2,082

504

434

-

-

938

Other

10

9

10

8

35

6

8

-

-

14

SPINAL

$

480

$

505

$

502

$

531

$

2,019

$

530

$

540

$

-

$

-

$

1,070

Spinal Instrumentation

322

333

338

353

1,348

349

352

-

-

701

Spinal Biologics

158

172

164

178

671

181

188

-

-

369

CARDIOVASCULAR

$

170

$

174

$

173

$

189

$

707

$

167

$

173

$

-

$

-

$

341

Coronary Stents

9

12

17

22

61

20

21

-

-

40

Other Coronary/Peripheral

37

36

29

30

130

24

24

-

-

50

Endovascular

33

35

34

37

140

35

37

-

-

72

Revasc & Surgical Therapies

52

51

53

56

213

49

52

-

-

101

Structural Heart Disease

39

40

40

44

163

39

39

-

-

78

NEUROMODULATION

$

196

$

215

$

207

$

226

$

844

$

201

$

239

$

-

$

-

$

439

Neuro Implantables

157

173

164

180

674

160

192

-

-

351

Gastroenterology & Urology

39

42

43

46

170

41

47

-

-

88

DIABETES

$

140

$

154

$

164

$

158

$

616

$

163

$

170

$

-

$

-

$

334

EAR, NOSE & THROAT (ENT)

$

87

$

88

$

91

$

96

$

362

$

93

$

97

$

-

$

-

$

190

Core ENT

43

44

47

49

183

48

47

-

-

95

Neurologic Technologies

44

44

44

47

179

45

50

-

-

95

CORPORATE TECHNOLOGIES AND NEW VENTURES

$

17

$

17

$

21

$

30

$

85

$

19

$

23

$

-

$

-

$

42

PHYSIO-CONTROL

$

60

$

73

$

62

$

24

$

219

$

21

$

37

$

-

$

-

$

58

TOTAL

$

1,883

$

2,033

$

1,957

$

2,027

$

7,900

$

1,948

$

1,958

$

-

$

-

$

3,906

ADJUSTMENTS :

CURRENCY

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

COMPARABLE OPERATIONS

$

1,883

$

2,033

$

1,957

$

2,027

$

7,900

$

1,948

$

1,958

$

-

$

-

$

3,906

Note: The data in this schedule has been intentionally rounded to the nearest million and therefore the quarterly revenues may not sum to the fiscal year to date revenue.

MEDTRONIC, INC.

REVENUE BY OPERATING SEGMENT - INTERNATIONAL

(Unaudited)

($ millions)

FY 07

FY 07

FY 07

FY 07

FY 07

FY 08

FY 08

FY 08

FY 08

FY 08

QTR 1

QTR 2

QTR 3

QTR 4

Total

QTR 1

QTR 2

QTR 3

QTR 4

Total

REPORTED REVENUE :

CARDIAC RHYTHM DISEASE MANAGEMENT

$

416

$

445

$

449

$

518

$

1,828

$

481

$

469

$

-

$

-

$

951

Pacing Systems

232

229

238

264

964

250

258

-

-

510

Defibrillation Systems

178

210

204

245

835

222

205

-

-

427

Other

6

6

7

9

29

9

6

-

-

14

SPINAL

$

95

$

94

$

96

$

112

$

398

$

114

$

120

$

-

$

-

$

234

Spinal Instrumentation

90

88

91

103

373

105

110

-

-

215

Spinal Biologics

5

6

5

9

25

9

10

-

-

19

CARDIOVASCULAR

$

278

$

281

$

305

$

339

$

1,202

$

319

$

317

$

-

$

-

$

635

Coronary Stents

111

120

131

139

499

132

128

-

-

262

Other Coronary/Peripheral

62

56

63

70

256

71

72

-

-

141

Endovascular

28

28

30

35

119

34

33

-

-

66

Revasc & Surgical Therapies

48

47

52

58

204

53

53

-

-

106

Structural Heart Disease

29

30

29

37

124

29

31

-

-

60

NEUROMODULATION

$

80

$

76

$

83

$

100

$

339

$

88

$

82

$

-

$

-

$

171

Neuro Implantables

69

65

69

85

288

77

72

-

-

149

Gastroenterology & Urology

11

11

14

15

51

11

10

-

-

22

DIABETES

$

56

$

58

$

62

$

71

$

247

$

78

$

76

$

-

$

-

$

152

EAR, NOSE & THROAT (ENT)

$

41

$

41

$

43

$

51

$

177

$

51

$

52

$

-

$

-

$

103

Core ENT

22

21

22

28

95

27

28

-

-

55

Neurologic Technologies

19

20

21

23

82

24

24

-

-

48

CORPORATE TECHNOLOGIES AND NEW VENTURES

$

7

$

9

$

10

$

17

$

42

$

9

$

13

$

-

$

-

$

23

PHYSIO-CONTROL

$

41

$

38

$

43

$

45

$

166

$

39

$

37

$

-

$

-

$

75

TOTAL

$

1,014

$

1,042

$

1,091

$

1,253

$

4,399

$

1,179

$

1,166

$

-

$

-

$

2,344

ADJUSTMENTS :

CURRENCY (1)

$

6

$

32

$

55

$

71

$

166

$

49

$

73

$

-

$

-

$

121

COMPARABLE OPERATIONS (1)

$

1,008

$

1,010

$

1,036

$

1,182

$

4,233

$

1,130

$

1,093

$

-

$

-

$

2,223

(1) Medtronic management believes that in order to properly understand Medtronic's short-term and long-term financial trends, investors may wish to consider the impact of foreign currency translation on revenue. In addition, Medtronic management uses results of operations before currency translation to evaluate the operational performance of the Company and as a basis for strategic planning. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP.

Note: The data in this schedule has been intentionally rounded to the nearest million and therefore the quarterly revenues may not sum to the fiscal year to date revenue.

MEDTRONIC, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(in millions, except per share data)

Three months ended

Six months ended

October 26, 2007

October 27, 2006

October 26, 2007

October 27, 2006

Net sales

$

3,124

$

3,075

$

6,250

$

5,972

Costs and expenses:

Cost of products sold

840

795

1,632

1,527

Research and development expense

298

320

598

619

Selling, general, and administrative expense

1,107

1,036

2,203

2,020

Restructuring charges

-

-

14

-

Certain litigation charges

-

-

-

40

Purchased in-process research and development (IPR&D) charges

-

-

33

-

Other expense, net

72

50

128

116

Interest income, net

(61

)

(37

)

(105

)

(76

)

Total costs and expenses

2,256

2,164

4,503

4,246

Earnings before income taxes

868

911

1,747

1,726

Provision for income taxes

202

230

406

446

Net earnings

$

666

$

681

$

1,341

$

1,280

Earnings per share:

Basic

$

0.59

$

0.59

$

1.18

$

1.11

Diluted

$

0.58

$

0.59

$

1.17

$

1.10

Weighted average shares outstanding:

Basic

1,133.1

1,149.3

1,136.1

1,151.4

Diluted

1,147.7

1,159.4

1,150.6

1,161.9

MEDTRONIC, INC.

RECONCILIATION OF CONSOLIDATED GAAP NET EARNINGS

TO CONSOLIDATED NON-GAAP NET EARNINGS

(Unaudited)

(in millions, except per share data)

Six months ended

Six months ended

October 26, 2007

October 27, 2006

Net earnings, as reported

$

1,341

$

1,280

Restructuring charges

11

(a)

-

Certain litigation charges

-

40

(c)

IPR&D charges

25

(b)

-

Non-GAAP net earnings

$

1,377

$

1,320

MEDTRONIC, INC.

RECONCILIATION OF CONSOLIDATED GAAP DILUTED EPS

TO CONSOLIDATED NON-GAAP DILUTED EPS

(Unaudited)

Six months ended

Six months ended

October 26, 2007

October 27, 2006

Diluted EPS, as reported

$

1.17

$

1.10

Restructuring charges

0.01

(a)

-

Certain litigation charges

-

0.04

(c)

IPR&D charges

0.02

(b)

-

Non-GAAP diluted EPS

$

1.20

$

1.14

(a) The $11 million ($0.01 per share) after-tax restructuring charge is related to restructuring initiatives that the Company began in the fourth quarter of fiscal year 2007. These initiatives were designed to drive manufacturing efficiencies in our CardioVascular business, downsize our Physio-Control business due to our voluntary suspension of U.S. shipments, and rebalance resources within our Cardiac Rhythm Disease Management (CRDM) business to reflect the market dynamics. As a continuation of our fiscal year 2007 initiatives, in the first quarter of fiscal year 2008 the Company recognized expense associated with compensation and early retirement benefits provided to employees whose employment terminated with the Company in the first quarter of fiscal year 2008 which could not be accrued in the fourth quarter of fiscal year 2007. In addition to disclosing restructuring charges that are determined in accordance with GAAP, Medtronic management believes that in order to properly understand its short-term and long-term financial trends, investors may find it useful to consider the impact of excluding these restructuring charges. Management believes that the resulting non-GAAP financial measure provides useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations and is useful for period over period comparisons of such operations. Medtronic management eliminates these restructuring charges when evaluating the operating performance of the Company. Investors should consider this non-GAAP measure in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, this non-GAAP financial measure may not be the same as similar measures presented by other companies.

(b) The $25 million ($0.02 per share) after-tax IPR&D charge is related to a $25 million ($18 million after-tax) milestone payment under a royalty bearing, non-exclusive patent cross-licensing agreement with NeuroPace, Inc. that the Company entered into in the first quarter of fiscal year 2006. The additional $8 million ($7 million after-tax) charge is related to purchases of certain intellectual property. These payments were expensed as IPR&D since technological feasibility of the underlying projects have not yet been reached and such technology has no future alternative use. In addition to disclosing IPR&D charges that are determined in accordance with U.S. generally accepted accounting principles (GAAP), Medtronic management believes that in order to properly understand its short-term and long-term financial trends, investors may find it useful to consider the impact of excluding these IPR&D charges. Management believes that the resulting non-GAAP financial measure provides useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations and is useful for period over period comparisons of such operations. Medtronic management eliminates these IPR&D charges when evaluating the operating performance of the Company. Investors should consider this non-GAAP measure in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, this non-GAAP financial measure may not be the same as similar measures presented by other companies.

(c) The $40 million ($0.04 per share) after-tax certain litigation charge is related to the settlement agreement reached with the U.S. Department of Justice which requires the government to seek dismissal of two qui tam civil suits pending against Medtronic. In addition to disclosing certain litigation charges that are determined in accordance with GAAP, Medtronic management believes that in order to properly understand its short-term and long-term financial trends, investors may find it useful to consider the impact of excluding these litigation charges. Management believes that the resulting non-GAAP financial measure provides useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations and is useful for period over period comparisons of such operations. Medtronic management eliminates these litigation charges when evaluating the operating performance of the Company. Investors should consider this non-GAAP measure in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, this non-GAAP financial measure may not be the same as similar measures presented by other companies.

MEDTRONIC, INC.

RECONCILIATION OF NEUROMODULATION GAAP REVENUE AND REVENUE GROWTH

TO NON-GAAP REVENUE AND REVENUE GROWTH

(Unaudited)

(in millions)

Three months ended

Three months ended

Percentage

October 26, 2007

October 27, 2006

Change

Neuromodulation revenue, as reported

$

321

$

291

10

%

Diagnostics product portfolio revenue

-

(12

)

(a)

NA

Neuromodulation revenue, adjusted

$

321

$

279

15

%

(a) The $12 million represents the revenue earned by the three diagnostics product lines that were divested in fiscal year 2007. In addition to disclosing revenue and growth rates that are determined in accordance with GAAP, Medtronic management believes that in order to properly understand its short-term and long-term financial trends, investors may find it useful to consider the impact of excluding this diagnostics product portfolio revenue from these metrics. Management believes that the resulting non-GAAP financial measures provide useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations and is useful for period over period comparisons of such operations. Medtronic management eliminates this revenue when evaluating the operating performance of the Company. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.

MEDTRONIC, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)

October 26,2007

April 27,2007

(in millions, except per share data)

ASSETS

Current assets:

Cash and cash equivalents

$

4,683

$

1,256

Short-term investments

900

1,822

Accounts receivable, less allowances of $159 and $194, respectively

2,865

2,737

Inventories

1,248

1,215

Deferred tax assets, net

442

405

Prepaid expenses and other current assets

403

483

Total current assets

10,541

7,918

Property, plant and equipment

4,599

4,309

Accumulated depreciation

(2,438

)

(2,247

)

Property, plant and equipment, net

2,161

2,062

Goodwill

4,335

4,327

Other intangible assets, net

1,389

1,433

Long-term investments

1,481

3,203

Long-term deferred tax assets, net

323

204

Other assets

356

365

Total assets

$

20,586

$

19,512

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term borrowings

$

877

$

509

Accounts payable

315

282

Accrued compensation

609

767

Accrued income taxes

100

350

Other accrued expenses

750

655

Total current liabilities

2,651

2,563

Long-term debt

5,494

5,578

Long-term accrued compensation

95

264

Long-term accrued income taxes

536

--

Other long-term liabilities

335

130

Total liabilities

9,111

8,535

Commitments and contingencies

--

--

Shareholders' equity:

Preferred stock-- par value $1.00

--

--

Common stock-- par value $0.10

113

114

Retained earnings

11,492

10,925

Accumulated other comprehensive loss

(130

)

(62

)

Total shareholders' equity

11,475

10,977

Total liabilities and shareholders' equity

$

20,586

$

19,512

MEDTRONIC, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) 

(in millions)

Six months ended

October 26,2007

October 27,2006

Operating Activities:

Net earnings

$

1,341

$

1,280

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

276

277

IPR&D charges

33

-

Provision for doubtful accounts

17

21

Deferred income taxes

3

(251

)

Stock-based compensation

92

94

Excess tax benefit from exercise of stock-based awards

(32

)

(11

)

Change in operating assets and liabilities:

Accounts receivable

(128

)

(179

)

Inventories

(12

)

(143

)

Accounts payable and accrued liabilities

98

199

Other operating assets and liabilities

117

20

Net cash provided by operating activities

1,805

1,307

Investing Activities:

Acquisitions, net of cash acquired

(26

)

(8

)

Purchase of intellectual property

(52

)

(102

)

Additions to property, plant and equipment

(280

)

(251

)

Purchases of marketable securities

(4,279

)

(7,275

)

Sales and maturities of marketable securities

6,959

6,787

Other investing activities, net

(67

)

(44

)

Net cash provided by (used in) investing activities

2,255

(893

)

Financing Activities:

Change in short-term borrowings, net

266

64

Payments on long-term debt

-

(1,877

)

Dividends to shareholders

(284

)

(254

)

Issuance of common stock

285

113

Excess tax benefit from exercise of stock-based awards

32

11

Repurchase of common stock

(901

)

(398

)

Net cash used in financing activities

(602

)

(2,341

)

Effect of exchange rate changes on cash and cash equivalents

(31

)

23

Net change in cash and cash equivalents

3,427

(1,904

)

Cash and cash equivalents at beginning of period

1,256

2,994

Cash and cash equivalents at end of period

$

4,683

$

1,090

Source: Business Wire

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