St Jude cuts outlook as Q3 profit falls
This article was originally published in Clinica
St Jude Medical has lowered its full-year revenue expectations due to a dip in orders from hospitals for its cardiac rhythm management products. The St Paul, Minnesota-based company lowered its full-year earnings to $2.41-2.43, down from previous predictions of $2.48-2.54. St Jude said that it had identified around 50 US hospitals that did not make their normal quarter-end purchases of St Jude’s equipment. Nonetheless, revenues for Q3 were up 7% to $1.16bn, helped by a 16% growth in revenue from the firm’s atrial fibrillation products and 31% increase in neuromodulation sales. Net income for the quarter was $167m, down from $185m during the same period last year, due to $49m of special charges related to personnel reductions.
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