St. Jude Medical, Inc. (STJ) Tops Q1 EPS by 1c; Issues Q2, FY14 Outlook

St. Jude Medical, Inc. (NYSE: STJ) reported Q1 EPS of $0.96, $0.01 better than the analyst estimate of $0.95. Revenue for the quarter came in at $1.36 million versus the consensus estimate of $1.36 million.

Sales highlights:

Cardiac Rhythm Management (CRM)

Total CRM sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $687 million for the first quarter of 2014, a 1 percent increase compared with the first quarter of 2013. After adjusting for the impact of foreign currency, total CRM sales increased 3 percent.

Of that total, ICD product sales were $436 million in the first quarter, a 2 percent increase compared with the first quarter of 2013. On a constant-currency basis, total ICD sales increased 3 percent over the prior year.

First quarter pacemaker sales were $251 million, flat compared with the first quarter of 2013. On a constant-currency basis, pacemaker product sales increased 2 percent in the first quarter.

Atrial Fibrillation (AF)

AF product sales for the first quarter totaled $251 million, an 8 percent increase over the first quarter of 2013. On a constant-currency basis, AF product sales increased 10 percent over the first quarter of 2013.

Cardiovascular

Total cardiovascular sales, which primarily include vascular and structural heart products, were $326 million for the first quarter of 2014, a 1 percent decrease compared to the first quarter of 2013. On a constant-currency basis, cardiovascular sales increased 2 percent in the first quarter.

Total structural heart product sales for the first quarter of 2014 were $154 million, approximately equal compared with the first quarter of 2013. On a constant-currency basis, structural heart sales increased 3 percent.

Sales of vascular products in the first quarter of 2014 were $172 million, a 1 percent increase on a constant-currency basis over the first quarter of 2013.

Neuromodulation

Neuromodulation product sales were $99 million in the first quarter of 2014, flat compared with the first quarter of 2013.

Guidance:

St. Jude Medical, Inc. sees Q2 2014 EPS of $0.99-$1.01, versus the consensus of $1. St. Jude Medical, Inc. sees Q2 2014 revenue of $1.38-1.46 billion, versus the consensus of $1.44 billion.

St. Jude Medical, Inc. sees FY2014 EPS of $3.95-$4.00, versus the consensus of $3.98. St. Jude Medical, Inc. sees FY2014 revenue of $5.61-5.76 billion, versus the consensus of $5.69 billion.

For earnings history and earnings-related data on St. Jude Medical, Inc. (STJ) click here.

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