St. Jude Medical Reports First Quarter 2015 Results

ST. PAUL, Minn.--(BUSINESS WIRE)--St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the first quarter ended April 4, 2015.

“St. Jude Medical’s first quarter revenue exceeded previously announced guidance, driven by our growth in atrial fibrillation, neuromodulation and our CardioMEMS technology platform. These results reinforce our confidence that St. Jude Medical is on track to accelerate constant currency sales growth in 2015.”

First quarter 2015 highlights:

• Net sales increased by approximately 5 percent on a constant currency basis compared to the prior year quarter
• CardioMEMS™ HF System sales were approximately $17 million
• U.S. ablation catheter revenue doubled compared to the prior year quarter due to a strong launch of the Company’s FlexAbility^TM and TactiCath^TM Quartz Contact Force ablation catheters

First Quarter 2015 Sales

The company reported net sales of $1.345 billion in the first quarter of 2015, a 1 percent decrease compared to net sales of $1.363 billion in the first quarter of 2014. On a constant currency basis, net sales increased by approximately 5 percent compared to the first quarter of 2014.

Commenting on the company’s financial results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical’s first quarter revenue exceeded previously announced guidance, driven by our growth in atrial fibrillation, neuromodulation and our CardioMEMS technology platform. These results reinforce our confidence that St. Jude Medical is on track to accelerate constant currency sales growth in 2015.”

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $643 million for the first quarter of 2015, a 6 percent decline compared to the prior year quarter. After adjusting for the impact of foreign currency, CRM sales were flat compared to the prior year quarter.