St. Jude Medical Inc. (NYSE:STJ) posted strong second-quarter results, helped in part by competitor Boston Scientific Corp.’s (NYSE:BSX) temporary suspension of cardiac rhythm management sales in March and April.
The St. Paul, Minn.-based medical device maker reported net earnings of $254.0 million, or 77 cents per diluted share, on sales of $1.32 billion during the three months ended July 3. That’s a 15.8 percent increase in net earnings and a 10.8 percent sales hike over Q2 2009, when STJ reported net earnings of $219.4 million, or 63 cents per diluted share, on sales of $1.18 billion.
The company estimated that Boston Scientific’s month-long suspension of ICD sales that began March 15 added $15 million in U.S. sales for its CRM division.
Chairman, president and CEO Daniel Starks said the company beat its earnings forecast for the second quarter in a row and touted St. Jude’s entry into a $500 million market with its $90 million acquisition of Westford, Mass.-based LightLab Imaging Inc.
St. Jude said it expects third-quarter earnings to be between 67 cents and 69 cents per diluted share; full-year diluted EPS should run between $2.86 and $2.91, according to the company’s forecast.
Here’s a breakdown of St. Jude’s divisional sales:
|Summary of Second Quarter 2010 Sales|
|Quarter Ended 07/03/10||Sales||Change vs.|
|(dollars in millions)||
|Total International Sales||$622|
|Total U.S. Sales||$691|
|Worldwide Cardiac Rhythm Management||$788||12%|
|International Cardiac Rhythm Management||$348|
|U.S. Cardiac Rhythm Management||$440|
|Worldwide Atrial Fibrillation||$176||13%|
|International Atrial Fibrillation||$100|
|U.S. Atrial Fibrillation||$76|