St Jude says fourth-quarter earnings better than expected

Mon Jan 13, 2014 8:26am EST

Jan 13 (Reuters) - St. Jude Medical Inc said on Monday that fourth-quarter results were better than it expected as sales were helped by new product launches and an improvement in the market for medical devices.

Excluding restructurings costs and other charges, the company said it expects earnings in a range of 97 cents to 99 cents per share, 2 cents above its previous range on the both the bottom end and the top end. That excluded about 55 cents per share in charges.

Sales are expected to be $1.42 billion, up from $1.37 billion a year earlier, it said.

Analysts expected earnings of 96 cents per share and revenue of $1.38 billion, according to Thomson Reuters I/B/E/S. The company is due to report earnings on Jan. 22.

The company makes medical devices for cardiac rhythm management such as pacemakers, artificial heart valves, devices to treat atrial fibrillation, cardiovascular devices like stents and neurological products.

St. Jude, which competes against Medtronic Inc and Boston Scientific Inc in selling implantable cardioverter defibrillators, had lost market share due to lingering concerns about problems with the lead wires that connect its devices to the heart.

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