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St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the fourth quarter and year ended December 29, 2012.
Fourth Quarter and Full-Year Sales
The Company reported net sales of $1.372 billion in the fourth quarter of 2012, a decline of approximately 2 percent compared with the $1.407 billion in the fourth quarter of 2011. Unfavorable foreign currency translation comparisons decreased fourth quarter sales by approximately $23 million. On a currency neutral basis, net sales decreased by 1 percent from the fourth quarter of 2011.
Net sales in 2012 were $5.503 billion compared to $5.612 billion in 2011, a decrease of about 2 percent. Unfavorable foreign currency translation comparisons decreased full-year 2012 sales by about $137 million. On a currency neutral basis, net sales grew 1 percent over the prior year.
Commenting on the Company’s results and growth program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “We are particularly pleased with the strong growth of our atrial fibrillation business, our ability to maintain share in the global ICD market and exceeding prior earnings per share guidance for the quarter. We remain firmly committed to delivering strong EPS growth in 2013 without sacrificing investment in our broad portfolio of pipeline products.”
Cardiac Rhythm Management (CRM)
Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $682 million for the fourth quarter of 2012, a 6 percent decrease compared to the fourth quarter of 2011. After adjusting for the impact of foreign currency, total CRM sales decreased 5 percent. Total CRM product sales for the full-year 2012 were $2.854 billion, down approximately 6 percent from 2011. On a currency neutral basis, total CRM sales declined 3.5 percent from the prior year.
Of that total, ICD product sales were $422 million in the fourth quarter, a 3 percent decrease compared to the fourth quarter of 2011. ICD revenue decreased 2 percent after adjusting for the impact of foreign currency. ICD product sales for the full-year 2012 were $1.743 billion, a decrease of 4 percent when compared to 2011. On a constant currency basis, total ICD sales declined 2 percent from the prior year.