St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the fourth quarter and full year ended Dec. 28, 2013.
Fourth quarter highlights:
- Net sales increased by approximately 6 percent on a constant-currency basis over the fourth quarter of 2012
- Completed the acquisition of Nanostim, which adds the world’s first leadless pacemaker to the St. Jude Medical product portfolio
- Cardiac Rhythm Management sales increased 5 percent on a constant-currency basis over the fourth quarter of 2012
- Adjusted net earnings per share increased by 8 percent, compared with the fourth quarter of 2012 and 12 percent on a constant-currency basis
Fourth Quarter and Full-Year 2013 Sales
The company reported net sales of $1.422 billion in the fourth quarter of 2013, a 4 percent increase over net sales of $1.372 billion in the fourth quarter of 2012. Unfavorable foreign currency translation comparisons decreased fourth quarter sales by approximately $27 million. On a constant-currency basis, net sales increased by approximately 6 percent over the fourth quarter of 2012.For the full-year 2013, net sales were $5.501 billion, compared with $5.503 billion in 2012, which is flat with the prior year. Unfavorable foreign currency translation comparisons decreased full-year 2013 sales by about $101 million. On a constant-currency basis, net sales increased 2 percent over the prior year. Commenting on the company’s financial results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “In addition to delivering on our goal to accelerate sales growth throughout the year, we achieved significant EPS leverage with adjusted net earnings per share growing 12 percent on a constant currency basis. In 2014, we will continue to focus on addressing the challenges of today’s health care environment by delivering innovative solutions that improve patient outcomes while reducing the economic and clinical burdens of some of the world’s most expensive, epidemic diseases.”