Shares of St. Jude Medical are down more than 6% today after the medical device company said it might get a warning letter from the FDA over a California plant and lowered its outlook for the rest of the year.
St. Jude Medical's (NYSE:STJ) stock took a hit today after the medical device company said it might get a warning from the FDA over one of its California factories and lowered its outlook for the rest of the year.
The beleaguered St. Paul-based firm has had a rough go of it lately, waging a spat with a key supplier and weathering high-profile exposure for its handling of the recall of its Riata defibrillator leads. This morning St. Jude CEO Daniel Starks told analysts on a conference call that the federal watchdog agency might slap the company with a Form 483 warning letter over a cardiac rhythm management plant in Sylmar, Calif.
"It's a risk, and don't be shocked if that risk is realized," Starks said, according to Reuters.
St. Jude also cut its outlook for the 2nd consecutive quarter, saying it now expects adjusted earnings per share of $3.42 to $3.44, down from $3.40-$3.45 previously.
STJ shares were trading at 40.24 as of about 11:30 today, down 6.3%.
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