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St. Jude Medical to cut 300 jobs

St. Jude Medical Inc. said Thursday it is cutting 300 jobs as part of a corporate restructuring that the medical device company says will save it $50 million to $60 million annually starting next year, the Minneapolis St. Paul Business Journal reports.
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St. Jude Medical Inc. said Thursday it is cutting 300 jobs as part of a corporate restructuring that the medical device company says will save it $50 million to $60 million annually starting next year, the Minneapolis St. Paul Business Journal reports.

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More and deeper job cuts at St. Jude Medical

The medical device maker plans another 500 job cuts, with about 100 of them in Minnesota. That follows an August round of layoffs that trimmed eighty jobs in the state. Sagging sales of defibrillators, pacemakers, and other heart rhythm devices have squeezed St. Jude and others in the industry.

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St. Jude Medical, Inc. reported a 22 percent drop in profits for the third quarter, MarketWatch reports. The Little Canada-based medical equipment supplier and manufacturer posted a profit of $176 million, down from $227 million a year ago.

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Design changes to a key Little Canada-based St. Jude Medical Inc. heart device, including an added layer of insulation to reduce the risk of abrasions, do not prevent defects that could lead to device failure and death. That's according to prominent cardiologist Robert Hauser of Abbott Northwestern Hospital in Minneapolis who made the comments in a study published in the medical journal Europace. He tells the Pioneer Press, "I can't say the Durata lead is bad. I just can't say that it's good."

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Defective wires in defibrillators have caused at least 20 patient deaths, according to research in a leading cardiology journal. St. Jude stopped selling the devices in 2010 because of safety concerns but tens of thousands of people still have the implants, the AP reports. St. Jude is challenging the findings.