NEW YORK (TheStreet) -- Shares of St. Jude Medical (STJ are higher by 1.54% to $59.50 in pre-market trading on Wednesday morning, as the company's latest financial results topped analysts' expectations for the quarter.
For the 2016 first quarter the company posted adjusted earnings of 90 cents per share on net sales of $1.45 billion.
Analysts surveyed by Thomson Reuters had been expecting earnings of 88 cents per share on revenue of $1.43 billion for the most recent quarter.
"In the first quarter, we delivered sales and adjusted earnings per share at or above the high end of our guidance. With 10 product approvals and associated launches in key regions around the world, we demonstrated our commitment to bringing lifesaving products to patients while driving sales momentum in the areas of atrial fibrillation, heart failure and neuromodulation," company CEO Michael T. Rousseau said in a statement.
St. Jude Medical raised its full year 2016 earnings forecast to a range between $4.01 and $4.11 per share, above its previous guidance range of $3.95 to $4.05 per share. Earnings for the current quarter are expected to be in a range of $1.05 per share to $1.07 per share, above the $1.02 per share analysts are anticipating.
St. Jude Medical is a St. Paul Minn.-based developer, manufacturer and distributor of medical devices.
Separately, TheStreet Ratings has set a "hold" rating and a score of C+ on St. Jude Medical stock. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: STJ