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St. Jude Medical Reports Second Quarter 2013 Results

Stocks in this article: STJ

St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the second quarter ended June 29, 2013.

Second Quarter Sales

The Company reported net sales of $1.403 billion in the second quarter of 2013, slightly less than net sales of $1.410 billion in the second quarter of 2012. Unfavorable foreign currency translation comparisons decreased second quarter sales by approximately $31 million. On a currency neutral basis, net sales increased by approximately 2 percent from the second quarter of 2012.

Commenting on the Company’s financial results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “During the second quarter, St. Jude Medical made good progress towards accelerating our sales growth on a sustainable basis. Our operating discipline, healthy balance sheet and strong cash flow will continue to allow us to fund disciplined acquisitions and return value to shareholders. We remain confident in our ability to deliver double-digit constant currency growth in 2013 adjusted earnings per share.”

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $718 million for the second quarter of 2013, a 4 percent decrease compared to the second quarter of 2012. After adjusting for the impact of foreign currency, total CRM sales decreased 2 percent.

Of that total, ICD product sales were $454 million in the second quarter, a 1 percent decrease compared to the second quarter of 2012. ICD revenue was flat after adjusting for the impact of foreign currency.

Second quarter pacemaker sales were $264 million, an 8 percent decrease compared to the second quarter of 2012. On a currency neutral basis, pacemaker revenue declined 6 percent.

Atrial Fibrillation (AF)

AF product sales for the second quarter totaled $237 million, a 9 percent increase over the second quarter of 2012. On a constant currency basis, AF product sales increased 12 percent in the second quarter of 2013.

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