Heartening profits for St. Jude Medical

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Shares of St. Jude Medical stock traded at a two year high on Wednesday. The stock jumped in morning trading as the St. Paul-based medical device company posted higher-than-expected quarterly earnings.

Reuters reports that revenue from sales of devices to treat abnormal heart rhythms improved from earlier this year. Analysts had expected second quarter sales of $1.36 billion but they settled at $1.40 billion, up about 2 percent from a year ago, St. Jude said.

The company raised its earnings forecast because of expected sales of a series of new heart devices.

St. Jude had lost market share in the past year due to problems with the lead wires that connect its devices to the heart, but Reuters said the company appears to have turned the corner on the problem.

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