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St. Jude Medical Reports Second Quarter 2014 Results

St. Jude Medical, Inc. (NYSE:STJ) today reported sales and net earnings for the second quarter ended June 28, 2014.

Second quarter highlights:
  • Net sales increased 3 percent and adjusted net earnings per share increased 6 percent
  • ICD sales increased 2 percent, demonstrating our continued leadership position in quadripolar CRT therapy
  • The company completed its acquisition of CardioMEMS, Inc., and began its strategic launch of the CardioMEMS™ HF System, the first and only FDA-approved heart failure monitoring device proven to significantly reduce hospital admissions when used by physicians to manage heart failure

Second Quarter 2014 Sales

The company reported net sales of $1.448 billion in the second quarter of 2014, a 3 percent increase on a reported and constant-currency basis over net sales of $1.403 billion in the second quarter of 2013. Favorable foreign currency translation comparisons increased second quarter sales by approximately $4 million.

Commenting on the company’s financial results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “The progress we made during the second quarter positions us to accelerate sales growth while continuing to deliver EPS leverage. Our growth is based on differentiated medical technology that improves patient outcomes and reduces the cost of health care.”

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $733 million for the second quarter of 2014, a 2 percent increase compared with the second quarter of 2013.

Of that total, ICD product sales were $462 million in the second quarter, a 2 percent increase compared with the second quarter of 2013.

Second quarter pacemaker sales were $271 million, a 3 percent increase compared with the second quarter of 2013.

Atrial Fibrillation (AF)

AF product sales for the second quarter totaled $257 million, an 8 percent increase over the second quarter of 2013.

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