Updated from 8:11 a.m. EDTSt. Jude Medical ( STJ) exceeded earnings and revenue expectations in the second quarter as its implanted heart devices continued to sell briskly, but the company cut its guidance for the full year. For 2006, St. Jude is now projecting earnings of $1.49 to $1.55 a share, down from its previous forecast of $1.55 to $1.60 a share. However, the company still expects to achieve its goal of at least 15% earnings and revenue growth in 2007. "We just want to be realistic that the overall
Overall, the company earned $141 million, or 38 cents a share, in the quarter compared with $101 million, or 27 cents a share, in the second quarter of 2005, including a 3-cents-per-share impact related to stock compensation expenses. Excluding charges, the company earned $154 million, or 41 cents a share. Analysts were expecting St. Jude to earn 38 cents a share. "We believe the strength of St. Jude Medical's portfolio, together with these new products and new people, helped to drive increased sales that exceeded the growth rate of the market and achieved market-share gains in implantable cardioverter defibrillators," said President and CEO Daniel Starks in a prepared statement. "While the limited competitive data currently available suggest continued weakness in the ICD market, we remain confident in the market's long-term growth prospects, given the life-saving benefits and underpenetration of this technology," he said. St. Jude's shares were up $1.83, or 5.7%, to $34.10.