St. Jude Med­i­cal cuts fore­cast on slug­gish over­seas sales

Modern Healthcare - - REGIONAL NEWS - —Bob Her­man

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.

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