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Re: [IP] MM Billing Practices (was Profits?)

At 9:27 PM -0600 12/27/04, George wrote:
>No specific figures on Profit, those might be extrapolated from
>Medtronics Annual Report.  And there are some comments in that Report
>that would be of interest to every Minimed user. (2.4 Mb)
>     http://www.medtronic.com/annual03/MDTpf04AR.pdf

In particular, these comments on page 30:

"Fiscal year 2004 selling, general and administrative expense as a 
percentage of net sales decreased by 0.1 percentage point from fiscal 
year 2003 to 30.8%. The slight decrease in selling, general and 
administrative expense as a percentage of net sales is due to 
continued cost control measures in all businesses, partially offset 
by incremental reserves related to MiniMed's uncollectable accounts 
receivable, which increased $42.7 million in the current year, as 
well as our continued investment in the sales force to keep pace with 
growing business opportunities. A portion of the additional allowance 
for doubtful accounts relates to sales made prior to the acquisition 
of MiniMed. We continue to make investments in MiniMed's distribution 
infrastructure to ensure that the billing and collecting processes 
can be increased as needed to support the growth of the business and 
remain committed to controlling costs through the implementation of 
cost control measures in all of our businesses."
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