St. Jude Doing OK Despite ICD Issues
St. Jude Medical reported its results for the third quarter yesterday. At $821 million, its net sales increased by 11% compared to the $738 million reported in the third quarter last year while reported net earnings were $116 million vs. $168M last year. Operating profit for the nine months since January 1st comes a bit under last year for the comparable period. Most product lines grew vs. Q3 last year: atrial fibrillation made $81 million (+29%), cardiology $109M (+4%), cardiac surgery $68M (+10%), and neuromodulation grew by 13 percent at $44 million. Only cardiac rhythm management products decreased by 2 percent with sales of $271M. According to The Street, St. Jude estimates that the global ICD market has decreased 4 to 6 percent from a year ago, because of slumping sales in the U.S. while the rest of the world grew by 29 percent. St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks reckons his company is gaining market share in several segments.
October 19, 2006 Related topics: Corporate Financials