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This article was originally published in The Gray Sheet

Executive Summary

Fiscal year 1999 first quarter sales and earnings will be below company and analyst estimates, the company reports Aug. 6. Stock in Medtronic fell 5-3/4 (9.5%) points on Aug. 6 to close at 53-1/2. Complete results for the three months ended July 31 will be reported Aug. 18. The firm attributes the lower-than-anticipated results to the absence of the Kappa 700 pacemaker system and the Gem DR defibrillator system on the U.S. market, where tachyarrhythmia management sales declined 5%. Separately, a registration statement filed with the Securities & Exchange Commission covers a 12.5 mil. share offering in connection with the company's planned acquisition of Physio-Control in a pooling-of-interests transaction valued at $538 mil. ("The Gray Sheet" July 6, p. 3). Based on current stock prices, the offering would raise about $750 mil

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