This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

St. Jude Medical Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: STJ

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

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs