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St. Jude Medical second-quarter net sales up 15% at $833 million
By Lisa Kerner
Charlotte, N.C., July 19 - St. Jude Medical, Inc. reported net sales of $833 million for the second quarter ended June 30, an increase of 15% from the $724 million reported in the second quarter of 2005.
Unfavorable foreign currency translation comparisons decreased second-quarter sales by $6 million.
Net earnings for the period were $141 million, or $0.38 per diluted share, up from the $101 million, or $0.27 per diluted share, in the prior-year period.
Adjusted net earnings were $154 million, or $0.41 per diluted share, in the second quarter compared with $142 million, or $0.38 per diluted share, in the second quarter of 2005. The adjusted earnings for 2006 exclude after-tax charges related to stock-based compensation.
"In Cardiac Rhythm Management, we launched 10 new products during the quarter and expanded the company's U.S. field sales and support organization," chairman, president and chief executive officer Daniel J. Starks said in a company news release.
"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 (ICDs)."
St. Jude's second-quarter ICD product sales were up 14% at $278 million.
Other product categories reporting increased second-quarter sales include pacemakers, up 2% at $241 million, atrial fibrillation up 33% at $80 million, cardiology up 3% at $115 million and cardiac surgery sales, up 7% at $75 million.
For the third-quarter 2006, St. Jude said it expects consolidated earnings per share to be in the range of $0.36 to $0.39 per diluted share, with full-year earnings per share to be in the range of $1.49 to $1.55.
St. Jude Medical is a medical device technology and services company located in St. Paul, Minn.
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