St. Jude Medical
This article was originally published in The Gray Sheet
Executive Summary
Medtronic's October Sprint Fidelis ICD lead recall resulted in a "one-time," $20 million bump up for St. Jude in the 2007 fourth quarter, contributing to $637 million in Q4 cardiac rhythm management sales, an increase of 19% from the prior-year period, St. Jude announced Jan. 23. The added revenue came almost entirely from Japan, where Medtronic did not get approval to market a Fidelis alternative until this month (1"The Gray Sheet" Oct. 22, 2007, p. 3). St. Jude exceeded $1 billion in total revenue in a single quarter for the first time in Q4, reporting $1.02 billion, up 18% from 2006. For the full year, the firm reported a 14% up tick to $3.78 billion, including double-digit growth in its CRM, atrial fibrillation and neuromodulation units