St. Jude Medical Ups Guidance

St. Jude Medical ( STJ) Wednesday reported record second-quarter results and raised full-year guidance.

The Minnesota-based company had net income of $99 million, or 53 cents a share, 24% higher than its year-ago performance of $80 million, or 42 cents a share. Revenue rose 13% to $557 million. The consensus forecast was for 53 cents a share, according to Thomson First Call.

Sales were led by its implantable cardioverter defibrillators.

The company had several product approvals or launches in the quarter.

The company expects third-quarter EPS to be 55 cents to 57 cents, vs. the consensus forecast of 56 cents a share. St. Jude raised full-year guidance to $2.20 to $2.23. In April, the company forecast EPS of $2.18 to $2.23 for full-year 2004. Analysts expect $2.23 a share.

St. Jude also delivered record first-quarter revenue of $548.6 million and net income of $95.7 million, or 52 cents a share, vs. $80 million, or 43 cents a share, a year ago.

Shares were flat at $71.25 in early trading.

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