St. Jude Medical Q3 Bottom Line Number Misses
Investors of St. Jude Medical, Inc. (NYSE: STJ) aren't too worried about its third quarter earnings miss and the company's withdrawal of full year forecast because of its merger with Abbott Laboratories (NYSE: ABT).
The company reported net earnings of $212 million, or $0.73 per share, in the third quarter. On an adjusted basis, the company would have earned a profit of $286 million, or $0.99 a share, in the latest quarter and missed analysts' estimates of $1.01 a share. In comparison, it earned $215 million, or $0.75 a share, in the year-ago quarter.
St. Jude generated revenue of $1.5 billion, up 12 percent from $1.34 billion in the previous year quarter and came in line with the analysts' expectations. On a comparable constant currency basis, revenue advanced two percent.
President and CEO, Michael Rousseau, commented, "As we continue to establish ourselves as the global technology leader in our markets, our focus is on bringing new technology to patients in the fourth quarter and throughout 2017 that will elevate current standards of care while reducing the cost of healthcare. We also remain excited about the Abbott transaction, which we continue to expect to close in the fourth quarter of 2016."
Following this, the stock shed $0.04, or 0.05 percent, to $79.40 in pre-market trading.
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