St. Jude Medical (STJ) Misses Q3 EPS by 2c
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St. Jude Medical (NYSE: STJ) reported Q3 EPS of $0.99, $0.02 worse than the analyst estimate of $1.01. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.5 billion.
Atrial Fibrillation (AF)
AF product sales for the third quarter totaled $316 million, a 14 percent increase on a reported basis and a 12 percent increase on a constant currency basis compared to the prior year quarter. Third quarter results were driven by continued strong global TactiCath™ and FlexAbility™ ablation catheter sales and the Ensite Precision Mapping system sales in international markets.
Heart Failure (HF)
HF product sales, which include cardiac resynchronization therapy (CRT) products, HeartMate™ ventricular assist devices and the CardioMEMS™ HF System, totaled $351 million for the third quarter, a 46 percent increase compared to the prior year quarter, primarily due to incremental net sales associated with ventricular assist devices, acquired through our Thoratec acquisition. On a comparable constant currency basis, HF product sales decreased 3 percent compared to the prior year quarter. Third quarter results reflect continued impact of U.S. CRM sales weakness on our CRT products, partially offset by global growth in ventricular assist devices.
St. Jude Medical sales of neuromodulation products were $141 million in the third quarter of 2016, a 17 percent increase on both a reported and constant currency basis compared to the prior year quarter. Neuromodulation growth continues to be driven by the St. Jude Medical BurstDR™ technology offering in international markets, U.S. launch of the Axium™ system as well as the introduction of the Infinity™ DBS system and directional lead in Europe.
Total cardiovascular sales were $313 million for the third quarter of 2016, an increase of 8 percent compared to the prior year quarter. On a comparable constant currency basis, cardiovascular sales increased 7 percent compared to the prior year quarter. Cardiovascular growth was driven by the continued strength of the Portico™ Transcatheter Aortic Valve Implantation System in Europe and our OPTIS™ Integrated System, which uses fractional flow reserve and optical coherence tomography.
Traditional Cardiac Rhythm Management (CRM)
Total CRM sales, which include single and dual chamber implantable cardioverter defibrillator (ICD) and pacemaker products, were $378 million for the third quarter of 2016, a 7 percent decline on both a reported and constant currency basis compared to the third quarter of 2015. Global results continue to be impacted by lower sales in the United States, partially offset by continued adoption of our MRI conditional product portfolio in countries where they are offered.
Fourth Quarter and Full-Year 2016 Sales and Earnings Guidance
Due to the planned merger with Abbott, St. Jude Medical withdrew financial guidance for the fiscal year 2016.
For earnings history and earnings-related data on St. Jude Medical (STJ) click here.
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