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St. Jude Medical Announces Preliminary Fourth Quarter Financial Results

Stocks in this article: STJ

St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced preliminary revenue results for the fourth quarter ended Dec. 29, 2012. These results will be referenced today in a presentation by the Chairman, President and Chief Executive Officer of St. Jude Medical, Daniel J. Starks, at the 31 st Annual J.P. Morgan Healthcare Conference in San Francisco. A webcast of the presentation can be accessed live on the Investor Relations section of www.sjm.com, beginning at 3:30 p.m. PST.

The Company expects to report net sales of approximately $1.372 billion for the fourth quarter of 2012, down approximately 1 percent from last year’s fourth quarter after adjusting for the negative impact of foreign currency.

Commenting on preliminary fourth quarter 2012 results, Mr. Starks said, “St. Jude Medical’s fourth quarter revenue fell within or exceeded all of our previously announced guidance ranges. These preliminary sales results, combined with our implementation of significant cost savings initiatives in 2012, make us comfortable that we will exceed our previously announced adjusted earnings per share guidance range by $0.02 to $ 0.04 for the fourth quarter.”

Cardiac Rhythm Management (CRM)

Fourth quarter CRM sales were approximately $682 million, a 6 percent decrease compared with the fourth quarter of 2011. Total CRM sales for the fourth quarter decreased 5 percent after adjusting for the impact of foreign currency. Fourth quarter sales of implantable cardiac defibrillators were approximately $422 million, a 3 percent decrease from the comparable quarter in 2011. Pacemaker sales during the quarter were approximately $260 million, an 11 percent decrease compared with the fourth quarter of 2011.

Atrial Fibrillation (AF)

Atrial Fibrillation product sales for the fourth quarter were approximately $239 million, an increase of 10 percent over the fourth quarter of 2011. On a constant currency basis, total AF sales for the fourth quarter increased 11 percent.

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