(RTTNews) - Wednesday, St. Jude Medical Inc. (STJ: News ), maker of cardiovascular and implantable neurostimulation medical devices, posted higher profits and sales for the second quarter and reconfirmed its earnings forecast for the full year. Also, the company issued third-quarter earnings outlook, and said it would buy back up to $500 million of St. Jude Medical common stock.

Q2 Review

The St. Paul, Minnesota-based company's second-quarter net income was $219.4 million or $0.63 per share, compared to $192.9 million or $0.58 per share in the prior year quarter.

On average, 29 analysts polled by Thomson Reuters expected the company to post earnings of $0.63 per share. Analysts' estimates typically exclude special items.

Quarterly net sales advanced 4% to $1.18 billion from the previous year's $1.14 billion, while twenty-six Wall Street analysts had a consensus revenue estimate of $1.20 billion for the quarter.

Revenue for the latest quarter increased 10% after adjusting for the impact of foreign currency. Foreign currency translation comparisons decreased second-quarter sales by about $69 million.

St. Jude Medical Chairman, President and Chief Executive Officer Daniel Starks, said, "Sales results met or exceeded guidance in each of our four major growth programs during the second quarter. We are pleased with our currency neutral sales growth of 14 percent for the first half of 2009."

Line Of Businesses
The company's total Cardiac Rhythm Management or CRM sales, which include implantable cardioverter defibrillator and pacemaker products, edged down 1% to $704 million. On a currency neutral basis, total CRM sales grew 5% over last year.

Second-quarter product sales of Atrial Fibrillation or AF totaled $156 million, an increase of 16% over the previous year. On a currency neutral basis, total AF sales rose 23% over 2008.

St. Jude Medical sales of neuromodulation products were $81 million, up 33% from last year, and Neuromodulation sales were up 36% after adjusting for the impact of foreign currency in second quarter of 2009.

Total cardiovascular sales, which primarily include vascular closure and heart valve products, improved 7% to $243 million. On a currency neutral basis, total cardiovascular sales grew 13% over the comparable quarter in 2008. This product category now includes sales of products that St. Jude Medical acquired from Radi Medical Systems AB in December 2008.

Year-To-Date Highlights

To receive FREE breaking news email alerts for St. Jude Medical Inc. and others in your portfolio

 1   2   Next Page