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St. Jude Medical Reports Third Quarter 2012 Results And Announces The Authorization Of A $300 Million Stock Repurchase Program

St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the third quarter ended September 29, 2012.

Third Quarter Sales

The Company reported net sales of $1.326 billion in the third quarter of 2012, a decrease of 4 percent compared with the $1.383 billion in the third quarter of 2011. Revenue for the third quarter increased less than 1 percent after adjusting for the impact of foreign currency. Foreign currency translation comparisons decreased third quarter sales by approximately $60 million.

Commenting on the third quarter, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “Our existing growth drivers continued to perform well this quarter and we made good progress with our emerging growth drivers that will launch in the coming year. As we move into 2013 we are focused on execution and on ensuring our organization is as efficient and streamlined as possible to achieve our goal of delivering innovative medical devices that improve patient outcomes and reduce the cost of health care.”

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $691 million for the third quarter of 2012, an 8 percent decrease compared with the third quarter of 2011. Total CRM sales for the third quarter decreased 4 percent after adjusting for the impact of foreign currency.

Of that total, ICD product sales were $412 million in the third quarter, a 7 percent decrease compared with the third quarter of 2011. On a constant currency basis, total ICD sales declined 4 percent from the prior year.

Third quarter pacemaker sales were $279 million, a 9 percent decrease compared to the third quarter of 2011. After adjusting for the impact of foreign currency, pacemaker sales decreased 4 percent.

Atrial Fibrillation (AF)

AF product sales for the third quarter totaled $220 million, a 9 percent increase over the third quarter of 2011. On a constant currency basis, total AF sales increased 13 percent from the prior year.

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