St. Jude Medical cuts forecast on sluggish overseas sales
St. Jude Medical, a prominent manufacturer of heart products and other medical devices, reported sluggish international sales growth in its third quarter, which forced the company to lower its revenue projections for the rest of the year.
About half of the devicemaker’s sales are overseas. St. Jude Medical, based in St. Paul, Minn., produces and sells various heart devices, including pacemakers and implantable cardioverter defibrillators, as well as neurological devices.
The company said international sales in the quarter rose 2%, while U.S. revenue increased 3%, resulting in total sales of $1.37 billion. However, because of one-time charges, the company’s profit fell 9.1% year over year to $238 million. For the full fiscal 2014, St. Jude Medical projected revenue will total between $5.57 billion and $5.65 billion, down from the $5.64 billion to $5.76 billion guidance it issued earlier this year.