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Heart device maker St. Jude Medical's profit jumps 49 pct
October 16, 2013 / 12:01 PM / 4 years ago

Heart device maker St. Jude Medical's profit jumps 49 pct

Oct 16 (Reuters) - St. Jude Medical posted a 49 percent jump in third-quarter profit as increased sales of devices to treat abnormal heart rhythms offset a decline in sales of pacemakers.

Net earnings attributable to St. Jude rose to $262 million, or 90 cents per share, in the three months to Sept. 28, from $176 million, or 56 cents per share, a year earlier.

Total sales rose about 1 percent to $1.34 billion.

Sales of atrial fibrillation devices, which treat abnormal heart rhythms, rose 7 percent to $235 million. Sales of pacemakers fell 5 percent to $264 million.

Analysts on average had expected a profit of 89 cents per share on sales of $1.32 billion, according to Thomson Reuters I/B/E/S.

The St. Paul, Minnesota-based company raised its full-year earnings forecast to $3.72-$3.74 per share from $3.70-$3.73 per share it estimated previously.

The company said it expects full-year revenue of $5.39 billion to $5.47 billion, compared with the average analyst estimate of $5.45 billion.

St. Jude, which competes with Medtronic Inc and Boston Scientific Inc in the implantable cardioverter defibrillators (ICD) business, has been working to restore market share after the 2011 recall of its Riata lead wires that connect ICDs to the heart.

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