St. Jude Medical Shares Fall as it Cuts Profit Outlook
CRM sales fall 6 percent.
St. Jude Medical Inc. (NYSE: STJ)
Headquarters: Little Canada
Business: Makes medical devices
Rank on the Business Journal's list of biggest Minnesota public companies: 15
News
St. Jude Medical's stock was down about 7 percent in early trading Wednesday after reporting that quarterly sales fell 2.5 percent and sales in its key Cardiac Rhythm Management (CRM) division fell 6 percent.
The company also lowered its profit expectations for the full year by 4 cents per share.
Stats
Period: Second Quarter (ending June 30)
Sales: $1.41 billion, down 2.5 percent
Analyst sales expectations: $1.43 billion
Profit: $244 million, up 1 percent
Profit per share: 78 cents, up 6 cents (88 cents after one-time adjustments)
Analyst profit expectations: 87 cents
Quote
Daniel Starks, CEO: "All of St. Jude Medical’s second-quarter results fell within our previously announced guidance ranges. We continued to make good progress during the quarter implementing new product programs designed to accelerate our growth in 2013." Outlook
Expected 2012 profit per share: $3.40-$3.45 (down from $3.44-$3.49)