Updated:
Original:

St. Jude 4Q profit falls, expects strong outlook

Author:

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

denny dempsey

Burnsville priest identified as bicyclist killed in Rosemount

The church says he was doing what he loved: riding his bike.

Matt Dumba

Wild open road trip with win over Canucks

At 5-1, only the St. Louis Blues (5-0) are off to a better start in the Western Conference than the Wild.

moose minnesota usfws - flickr

MN homeowner mistakes large tent for dead moose

They spotted two people on a security camera dragging the "moose" across a driveway.

Flickr - minneapolis police officer close-up belt camera - Tony Webster

What happens if Mpls. public safety question passes? City memo provides answers

The memo was sent to the mayor and council members Tuesday morning.

Wild

COVID-19 hits Minnesota Wild coaching staff

The Wild will be shorthanded for Tuesday night's game in Vancouver.

Anthony Edwards

Ant takes alpha role after bad loss: 'We need to lock the f*** in'

The Timberwolves' rising star was not happy after Monday's loss to the Pelicans.

parker eisinger

Lakeville football player diagnosed with cancer week before playoffs

The tenth-grader was diagnosed with a form of cancer most commonly found in people aged 65 and older.

University of Minnesota peeping tom suspect

Someone keeps trying to film showering women at U of M

The university has received three reports in the past two weeks.

john Fluevog shoes 1

John Fluevog Shoes closes its Uptown Minneapolis store

The brand could return to the Twin Cities one day.

sidecar drink

Sidecar — Town Hall's new cocktail lounge — is officially open in Minneapolis

It's the fifth Town Hall location, but the first to focus on cocktails.

Related