St. Jude Medical, Inc. (St. Jude Medical), a cardiovascular and implantable neurostimulation devices company, has reported net sales of $1.134 billion for the first quarter of 2009, up 12%, compared with the net sales of $1.011 billion in the year-ago quarter. It also reported net earnings of $201 million, or $0.58 per diluted share, for the first quarter of 2009, compared with net earnings of $177 million, or $0.50 per diluted share, in the year-ago quarter.
First Quarter Sales
Revenue for the first quarter increased 17% after adjusting for the impact of foreign currency. Foreign currency translation comparisons decreased first quarter sales by approximately $51 million.
Commenting on the first quarter and the company’s growth program, St. Jude Medical chairman, president and chief executive officer Daniel J. Starks said, “Our first quarter results reflect the resilience of St. Jude Medical’s growth program in an environment of global economic recession. Growth dynamics in our core markets are remarkably stable. St. Jude Medical’s investment of over 12% of revenue in research and development each year the last eight years is paying off with market share gains driven by all four of our major technology platforms and by our expanded investment in people. These results further strengthen our confidence that we are in the right markets with the right products and that our growth program remains on track. We reaffirm our guidance for full year 2009 earnings.”
Second Quarter and Full Year 2009 Sales and Earnings Outlook
Outlook for second quarter and full year fiscal 2009, St. Jude Medical expects its consolidated earnings for the second quarter of 2009 to be in the range of $0.62 to $0.64 per diluted share and for full-year 2009 reconfirms guidance in the range of $2.48 to $2.54.