St. Jude Medical Inc. is one of the leading worldwide manufacturers of innovative cardiovascular and implantable neurostimulation medical devices. Effective Apr 2016, the company will report product categories under five groups: Atrial Fibrillation (AF), Heart Failure, Neuromodulation, traditional CRM and Cardiovascular.

Currently, this St. Paul, MN-based company carries a Zacks Rank #2 (Buy) but that could change following its second-quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: St. Jude’s adjusted earnings of $1.06 per share were in line with the Zacks Consensus Estimate, but increased 3% on a year-over-year basis.
 

ST JUDE MEDICAL Price and EPS Surprise

ST JUDE MEDICAL Price and EPS Surprise | ST JUDE MEDICAL Quote

Revenues: St. Jude’s net sales increased 11% year over year at constant currency (cc) to $1.56 billion, which was slightly ahead of the Zacks Consensus Estimate of $1.55 billion.

Key Stats: Heart Failure sales surged 48% year over year at cc to $384 million. Neuromodulation and Atrial Fibrillation revenues increased 20% and 13% to $140 million and $324 million, respectively, in the reported quarter.

Major Factors: Heart Failure sales reflect strong growth in ventricular assist devices, while growth in Neuromodulation reflected higher demand for the St. Jude Medical Burst technology and launch of Axium, Infinity DBS system and directional lead in the Europe.

Stock Price: Following the earnings release, share price did not show any movement in the pre-market trading session.

Check back later for our full write up on this St. Jude Medical earnings report later!

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