St. Jude posts strong FY09, Q4
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The St. Paul, Minn.-based company reported net earnings of $189.7 million in the fourth quarter of 2009, ending on Jan. 2, compared with net losses of $201 million in 2008 fourth quarter, ending Jan. 3, 2009. For the 2009 fiscal year, ending Jan. 2, the company posted net earnings of $777 million compared with net earnings of $353 million in the 2008 fiscal year, which ended Jan. 3.
St. Jude reported that net sales in 2009 were $4.68 billion compared to $4.36 billion in 2008, an increase of 7 percent. Likewise, foreign currency translation comparisons decreased for full-year 2009 sales by about $99 million, according to the medical device maker.
Net sales were $1.2 billion in the fourth quarter of 2009, an increase of 6 percent over the $1.13 billion in the fourth quarter of 2008. Also, the company noted that foreign currency translation comparisons increased fourth quarter sales by approximately $50 million.
Total cardiovascular sales, which include primarily vascular closure and heart valve products, were $240 million for the fourth quarter of 2009, a 10 percent increase over the fourth quarter of 2008. According to the company, total cardiovascular product sales for 2009 were $953 million, up 11 percent over 2008. On a constant currency basis, cardiovascular product sales increased 13 percent in 2009.
Sales of vascular closure products in the fourth quarter of 2009 were $94 million, a 2 percent increase over the fourth quarter of 2008. Total vascular closure product sales for 2009 were $381 million, up 4 percent over 2008, St. Jude reported. Total heart valve product sales for the fourth quarter of 2009 were $79 million, flat compared with the fourth quarter of 2008. Total heart valve product sales for 2009 were $323 million, flat when compared to 2008.
The company said that its total cardiac rhythm management (CRM) sales, which include ICD and pacemaker products, were $698 million for the fourth quarter of 2009, a 3 percent increase compared to the fourth quarter of 2008. Total CRM product sales for the 2009 fiscal year were $2.77 billion, representing a 3 percent increase over 2008.
Of that total, ICD product sales were $395 million in the fourth quarter, a 2 percent increase compared to the fourth quarter of 2008, St. Jude reported. ICD revenue growth decreased 1 percent after adjusting for the impact of foreign currency. ICD product sales for the full-year 2009 were $1.57 billion, representing a 3 percent increase over 2008. Fourth quarter pacemaker sales were $303 million, an increase of 3 percent from the comparable quarter of 2008. Total pacemaker sales for 2009 were $1.19 billion, up 2 percent over 2008.
Finally, St. Jude reported that its atrial fibrillation (AF) product sales for the fourth quarter totaled $171 million, a 10 percent increase over the fourth quarter of 2008. For 2009, AF product sales were $628 million, an increase of 15 percent over the prior year.
“We are pleased with our sequential increase in sales during the fourth quarter, particularly given the fewer selling days,” said St. Jude’s President and CEO Daniel J. Starks. “We overachieved our earnings guidance range for the fourth quarter and we believe our growth programs are on track for a successful 2010.”