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St. Jude Medical Reports First Quarter 2014 Results

St. Jude Medical, Inc. (NYSE:STJ) today reported sales and net earnings for the first quarter ended March 29, 2014.

First quarter highlights:
  • Constant currency sales increased 4 percent and adjusted net earnings per share increased 9 percent on a constant currency basis, demonstrating our continued ability to deliver EPS leverage
  • U.S. ICD sales increased 5 percent driven by our leadership position in quadripolar CRT therapy
  • The company announced four new CRM product approvals in the U.S., which are expected to accelerate sales in the second half of 2014
  • The company announced CE Marking and European launch of its Prodigy™ Chronic Pain System, the first and only implantable neuromodulation system that delivers Burst Technology

First Quarter 2014 Sales

The company reported net sales of $1.363 billion in the first quarter of 2014, a 2 percent increase over net sales of $1.338 billion in the first quarter of 2013. Unfavorable foreign currency translation comparisons decreased first quarter sales by approximately $25 million. On a constant-currency basis, net sales increased by 4 percent over the first quarter of 2013.

Commenting on the company’s financial results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical delivered a solid first quarter by meeting or exceeding our expectations in each of our technology platforms. These results reinforce our confidence that we are on track to accelerate sales growth as our product mix shifts to faster growing markets and as we continue to launch new products that improve patient outcomes, ensure the highest quality and lower the costs of treating expensive epidemic diseases.”

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $687 million for the first quarter of 2014, a 1 percent increase compared with the first quarter of 2013. After adjusting for the impact of foreign currency, total CRM sales increased 3 percent.

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