St. Jude Medical Inc. (NYSE:STJ) wrapped up 2010 and put a bow on it with near-double-digit boosts to its top and bottom lines.
The St. Paul, Minn.-based medical device maker’s fourth-quarter profits rose 8.9 percent to $206.4 million, or 62 cents per diluted share, on sales of $1.35 billion during the three months ended Jan. 1. That compared with profits of $189.7 million, or 57 cents per diluted share, on sales of $1.20 billion during Q4 2009.
The improves further once charges related to recent acquisitions are taken into account. Adjusted for acquisition costs from the buyouts of LightLab Imaging Inc. and AGA Medical, the settlement of a U.S. Justice Dept. probe, a charge on extra implantable cardiac defibrillator inventory and a tax benefit from a federal R&D credit, Q4 net income was $251.1 million, or 75 cents per adjusted, diluted share — up more than 17 percent over Q3 2009.
Chairman, president and CEO Daniel Stark said the company posted the strong results despite "difficult macro-economic challenges."
Here’s a breakdown of how each STJ segment fared during the fourth quarter and 2010, compared with the same period in 2009:
| Q4 | % increase | 2010 | % increase | |
| Cardiac Rhythm Management | ||||
| ICDs | $458 million | 16% | $1.82 billion | 15% |
| Pacemakers | $304 million | flat | $708 million | 13% |
| TOTAL | $762 million | 9% | $3.04 billion | 10% |
| Cardiovascular | ||||
| Vascular closure | $92 million | -2% | $375 million | -2% |
| Heart valves | $87 million | 10% | $337 million | 4% |
| TOTAL | $287 million* | 20% | $1.04 billion | 9% |
| Atrial Fibrillation | $193 million | 13% | $708 million | 13% |
| Neuromodulation | $108 million | 15% | $380 million | 15% |
| *Includes a $25 million assist from AGA Medical. | ||||
St. Jude said it expects adjusted, consolidated Q1 net earnings in the range of 77 cents to 79 cents per; full-year adjusted, consolidated EPS are forecast to be between $3.25 and $3.30
STJ shares were down 2 percent to $41.76 in mid-morning activity.
