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 | ||||||
Reported % | ||||||
Quarter Ended 07/03/10 | Sales | Change vs. | ||||
(dollars in millions) |
2Q09 |
|||||
Total Sales | $1,313 | 11% | ||||
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 ICD | $471 | 18% | ||||
International ICD | $171 | |||||
U.S. ICD | $300 | |||||
Worldwide Pacemakers | $317 | 4% | ||||
International Pacemakers | $177 | |||||
U.S. Pacemakers | $140 | |||||
Worldwide Atrial Fibrillation | $176 | 13% | ||||
International Atrial Fibrillation | $100 | |||||
U.S. Atrial Fibrillation | $76 | |||||
Worldwide Cardiovascular | $254 | 5% | ||||
International Cardiovascular | $156 | |||||
U.S. Cardiovascular | $98 | |||||
Worldwide Neuromodulation | $95 | 17% | ||||
International Neuromodulation | $18 | |||||
U.S. Neuromodulation | $77 |