St. Jude 4Q profit falls, expects strong outlook

Author:
Updated:
Original:

St. Jude Medical Inc. reported its net income for the fourth-quarter fell to $120 million, down 4 percent from $125 million a year earlier, MarketWatch reports. The Little Canada-based medical device firm said sales in its core heart-rhythm management business continued to decline.

For the full-year 2012, net earnings were $752 million, according to a news release. That's a drop of nearly 10 percent compared with $826 million in 2011.

“We are particularly pleased with the strong growth of our atrial fibrillation business, our ability to maintain share in the global ICD market and exceeding prior earnings per share guidance for the quarter," Chairman and Chief Executive Daniel Starks said in a statement. "We remain firmly committed to delivering strong EPS growth in 2013 without sacrificing investment in our broad portfolio of pipeline products.”

The Star Tribune reports St. Jude expects revenue from its cardiac rhythm devices to drop below 50 percent in 2013.

Last week, the U.S. Food and Drug Administration officially warned St. Jude about manufacturing and quality-control issues at a California plant that makes the controversial Durata defibrillator leads. The company has promised a series of improvement measures.

Next Up

Eddie Rosario

Report: Twins place Eddie Rosario on outright waivers

The outfielder's time with the team appears to be coming to an end.

radio station, microphone

Christian music broadcaster revealed as buyers of Go Radio

Educational Media Foundation. operates the K-Love brand, which has a presence already in the Twin Cities.

Screen Shot 2020-12-01 at 5.04.39 PM

St. Paul police chief reportedly fires officer who shot naked, unarmed man

Chief Todd Axtell said the officer's use of force was not reasonable.

Trevor May

Report: Trevor May leaving Twins to sign with Mets

The right-hander will sign a two-year deal to head to New York

Car crash

'Grim' milestone: Minnesota's traffic deaths reach 364, tying 2019 total

“With fewer vehicles on the road during the 2020 pandemic, the loss of life on Minnesota roads is beyond disappointing."

Devin Weiland

Charges: Albert Lea man, 21, fired around 90 shots at police, residents

Weiland was arrested after a standoff that lasted more than eight hours.

Body storage warehouse

Body storage warehouse 'ready if needed for COVID-19 fatality management'

The warehouse is currently storing PPE and testing supplies.

Giordano's

Signs come down at Giordano's restaurant in Uptown

It appears the restaurant has closed for good.

State Capitol.

Walz eyes COVID-19 relief package totaling $300-$600 million amid budget surplus

The state forecasted a budget surplus for the remainder of the biennium.

Bar beer

Walz non-committal on extension of restaurant, gym closures

He has suggested that the ban on mixing with people outside your household could continue over Christmas.

Related