St. Jude Medical Inc. is one of the leading worldwide manufacturers of innovative cardiovascular and implantable neurostimulation medical devices. The company reports 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 #4 (Sell) but that could change following its third-quarter 2016 earnings report which has just released. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.) We have highlighted some of the key details from the just-released announcement below:
Earnings: St. Jude’s adjusted earnings of 99 cents per share were lower than the Zacks Consensus Estimate of $1.01, but increased 2.1% on a year-over-year basis.
Revenues: St. Jude’s net sales increased 11.9% year over year at constant currency (cc) to $1,499 million and was in-line with the Zacks Consensus Estimate.
Key Stats: Heart Failure sales fell 3% year over year at cc to $351 million. Neuromodulation and Atrial Fibrillation revenues increased 17% and 12% to $141 million and $316 million, respectively, in the reported quarter.
Major Factors: Lower Heart Failure sales reflect continued impact of U.S. CRM sales weakness on CRT products. This was partially offset by global growth in ventricular assist devices. Neuromodulation growth was driven by higher demand for the St. Jude Medical BurstDR technology, U.S. launch of the Axium system and the introduction of the Infinity DBS system and directional lead in Europe.
Stock Price: Following the earnings release, share price fell 0.05% 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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