St. Jude stays above water in Q2, despite drop in sales
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The St. Paul, Minn.-based company reported net sales of $1.41 billion in the second quarter of 2012, a decrease of 2 percent compared with the $1.45 billion in the second quarter of 2011. The company reported net earnings for the second quarter of 2012 of $244 million, compared with net earnings for the second quarter of 2011 of $241 million.
Total cardiac rhythm management (CRM) sales, which include implantable cardioverter-defibrillator (ICD) and pacemaker products, were $746 million for the second quarter of 2012, a 6 percent decrease compared with the second quarter of 2011. Of that total, ICD product sales were $459 million in the second quarter, a 4 percent decrease compared with the second quarter of 2011. Second quarter pacemaker sales were $287 million, a 9 percent decrease compared to the second quarter of 2011.
Atrial fibrillation product sales for the second quarter totaled $218 million, a 5 percent increase over the second quarter of 2011.
Total cardiovascular sales, which primarily include vascular and structural heart products, were $340 million for the second quarter of 2012, a 1 percent decrease from the second quarter of 2011.
Sales of vascular products during the second quarter of 2012 were $180 million, down 5 percent from the comparable quarter of 2011.
Structural heart product sales for the second quarter of 2012 were $160 million, a 5 percent increase over the second quarter of 2011.
In the second quarter of 2012, the company recorded after-tax charges of $27 million, primarily related to restructuring actions initiated during the second quarter of 2011 to realign certain activities within its CRM business. This consists primarily of closing down operations at its location in Sweden as well as costs associated with continuing efforts to leverage sales and sales support organizations.