April 22, 2009 / 1:44 PM / 10 years ago

UPDATE 3-St Jude quarterly net rises, backs '09 outlook

* Q1 EPS 58 cents, matching Wall St view

* Q1 sales jump 12 pct

* Sees 2009 net EPS at $2.48-$2.54; Q2 at 62-64 cents

* Shares up 4.8 percent (Adds conference call, updates share price)

CHICAGO, April 22 (Reuters) - Medical devices maker St. Jude Medical Inc STJ.N posted a 14 percent rise in quarterly net earnings, boosted by share gains in some key markets, and backed its outlook for the full year.

St. Jude, whose shares rose 4.8 percent in early trading Wednesday, said first-quarter net earnings were $201.3 million, or 58 cents per share, compared with $176.6 million, or 50 cents per share, a year earlier.

The results were in line with analysts’ average forecast, according to Reuters Estimates.

Sales rose 12 percent to $1.13 billion.

Chief Executive Dan Starks called St. Jude’s markets “remarkably stable” and reaffirmed the company’s outlook for the full year.

Sales of cardiac rhythm management products rose 7 percent to $676 million; excluding the negative impact of foreign currency, the rise was 12 percent.

Chief Financial Officer John Heinmiller said the company is assuming that foreign exchange translations, particularly the dollar-yen rate, will undermine the top line for the remainder of the year. However, the underlying strength of its markets can outweigh the foreign exchange impact, he said.

Sales of implantable cardioverter defibrillators, known as ICDs, rose 9 percent to $394 million; excluding the impact of foreign currency, the rise was 14 percent.

Management reckoned it took share from its rivals Medtronic Inc (MDT.N) and Boston Scientific Corp (BSX.N) in this key market.

St. Jude backed its previous forecast, calling for second-quarter earnings of 62 cents to 64 cents per share and 2009 earnings of $2.48 to $2.54 per share.

St. Jude shares were up $1.65 to $35.99 in early New York Stock Exchange trade. They have been as high as $48.49 and as low as $24.98 during the past 52 weeks. (Reporting by Debra Sherman; Editing by Lisa Von Ahn and John Wallace)

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