St. Jude Medical Reports In Line 2Q Results

St. Jude Medical, Inc.

announced 18 percent drop in net income for the second quarter despite sales witnessing 10.64 growth. However, its adjusted earnings, which increased three percent, came in line with the expectations. St. Jude Medical reported net income of $238 million, down 18 percent from $290 million while earnings fell 18.6 percent to $0.83 a share from $1.02 a share in the year-ago quarter. On an adjusted basis, it would have earned $1.06 compared to $1.03, matching the Street analysts' estimations. Net sales grew 10.6 percent to $1.56 billion from $1.41 billion in the previous year quarter. This was also in line with the analysts' expectations. On a comparable constant currency basis, the growth would have been two percent. Its President and CEO, Michael Rousseau, commented, "One of the major highlights of our quarter was the announcement of our pending merger with Abbott. We continue to be confident and excited about the potential of our combined organization and the powerful impact we can have on delivering industry leading innovation to physicians and patients around the world." In the pre-market trading on Wednesday, the stock traded 0.20 percent higher.