St. Jude posts double-digit gains in sales, income for Q2
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Net earnings for the second quarter of 2010 were $254 million, compared with net earnings for the second quarter of 2009 of $219 million, the St. Paul, Minn.-based company reported.
St. Jude recorded net sales of $1.31 billion in the second quarter of 2010, an increase of 11 percent compared with the $1.18 billion in the second quarter of 2009.
Its total cardiac rhythm management sales, which include implantable cardioverter-defibrillators (ICD) and pacemaker products, were $788 million for the second quarter of 2010, a 12 percent increase compared with the second quarter of 2009. St. Jude estimated that approximately $15 million of U.S. ICD sales in the second quarter are attributable to Boston Scientific’s suspension of sales of their ICD products in the U.S. for a period of time during the quarter. The ICD product sales were $471 million in the second quarter, an 18 percent increase compared with the second quarter of 2009. Second quarter pacemaker sales were $317 million, an increase of 4 percent from the comparable quarter of 2009.
Atrial fibrillation product sales for the second quarter totaled $176 million, a 13 percent increase over the second quarter of 2009, the company reported.
St. Jude also said that its total cardiovascular sales, which primarily include vascular closure devices and heart valve products, were $254 million for the second quarter of 2010, a 5 percent increase over the second quarter of 2009. Sales of vascular closure products in the second quarter of 2010 were $98 million, approximately the same as the second quarter of 2009. Heart valve device sales for the second quarter of 2010 were $87 million, a 4 percent increase over the second quarter of 2009.
“Operating margin improved by 210 basis points on a year over year basis at the same time we launched more than 10 new products, increased investment in R&D, and entered a new $500 million market through our acquisition of LightLab [Imaging]," said Daniel J. Starks , St. Jude’s chairman, president and CEO. “Second quarter results and trends support raising our adjusted earnings per share guidance for the second quarter in a row.”