The Wall Street Journal-20080124-Earnings Digest -- Health Care-
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Earnings Digest -- Health Care:
St. Jude Medical Inc. reported a 24% decline in fourth-quarter profit, weighed down by $71 million in charges, despite a boost in sales after a recall from competitor Medtronic Inc. in October of wiring that connects implantable cardioverter defibrillators to the heart. The medical-device maker also expects steady growth in the market for top-product ICDs and sees total 2008 sales above Wall Street views. St. Jude, known for implantable heart rhythm devices including defibrillators and pacemakers, said total sales rose 18%, while ICD sales rose 24% in the quarter. St. Jude projected 2008 total product sales of $4.14 billion to $4.31 billion, which is above the current estimate by analysts surveyed by Thomson Financial of $4.12 billion.
