Earnings per share were $0.88 for the second quarter of 2012, a 4% increase over adjusted earnings per share of $0.85 in the second quarter of 2011. We estimate that on a constant currency basis, earnings per share increased approximately 11% versus last year.
Before we discuss our second quarter 2012 sales results by product category with guidance for the third quarter and the remainder of 2012, let me comment on foreign currency. As discussed on prior calls, the 2 main currencies influencing St. Jude Medical's operations are the euro and the yen. In preparing our sales and earnings guidance for the second quarter and full year 2012, we used exchange rates which assumed that each euro would translate into about $1.28 to $1.33 and that each JPY 80 to JPY 85 would translate into USD $1. For the second quarter, the actual average exchange rates for the euro and the yen were consistent with these assumptions.
In preparing our sales and earnings guidance for the third quarter and remainder of 2012, we are now assuming that each euro will translate into about $1.20 to $1.25 and that each JPY 78 to JPY 83 will translate into USD $1. This change in assumption regarding currency exchange rates decreases total forecasted sales for the second half of 2012 by about $35 million to $40 million, which we estimate will reduce earnings per share for the second half of 2012 by approximately $0.04 to $0.05.
Now for the sales by product category discussion for the second quarter. Total cardiac rhythm management sales, which includes revenue from both our ICD and pacemaker product lines, were $746 million, down 6% from last year's second quarter. On a constant currency basis, second quarter CRM sales were down 3% versus the second quarter of last year. For the second quarter, ICD sales were $459 million, down 4% versus last year's second quarter. On a constant currency basis, second quarter ICD sales were essentially equal to last year. US ICD sales were $267 million, down 2% versus last year's second quarter. International ICD sales were $192 million, down 6% versus the second quarter of 2011, including $15 million of unfavorable foreign currency translations. On a constant currency basis, international ICD sales increased 1% versus last year's second quarter.Read the rest of this transcript for free on seekingalpha.com
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