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St. Jude Medical (STJ) Shares Fall as it Cuts Profit Outlook



7/19/2012 7:42:48 AM

Minneapolis / St. Paul Business Journal by Ed Stych, Web Producer

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)


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