St. Jude Medical misses with Q3 results

Shares in St. Jude Medical (NYSE:STJ) are under pressure pre-market today after the medical device giant posted 3rd-quarter earnings that missed expectations on Wall Street.

Little Canada, Minn.-based St. Jude posted profits of $212 million, 73¢ per share, on sales of $1.50 billion for the 3 months ended Oct. 1, for a -1.4% bottom-line dip on sales growth of 11.9% compared with Q3 2015.

Adjusted to exclude 1-time items, earnings per share were 99¢, 2¢ under the consensus forecast on The Street, where analysts were looking for sales of $1.5 billion.

“Third-quarter results continue to confirm that our innovation based growth strategy is on track. As we continue to establish ourselves as the global technology leader in our markets, our focus is on bringing new technology to patients in the fourth quarter and throughout 2017 that will elevate current standards of care while reducing the cost of healthcare. We also remain excited about the Abbott transaction, which we continue to expect to close in the 4th quarter of 2016,” president & CEO Michael Rousseau said in prepared remarks.

STJ shares, which closed up 2.3% at $79.44 apiece yesterday, dipped -0.1% to $79.40 in pre-market trading today.

The post St. Jude Medical misses with Q3 results appeared first on MassDevice.

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