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MENAFN - 24/01/2013

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(MENAFN) Minnesota-based medical device maker St. Jude Medical Inc. reported a 4 percent fall in quarterly earnings on higher taxes and a drop in sales for most of its products, AP reported.

In the last few years, the company which makes pacemakers, heart-shocking defibrillators and other medical devices, struggled amid recalls of wires for several heart devices.

The company said it made USD120 million in its fiscal fourth quarter ended December 29, down from USD125 million a year earlier.

The company also reported USD1.37 billion revenue in the quarter, down from USD1.41 billion a year ago.

The weaker results came despite an 18 percent cut in spending on marketing and administrative expenses to USD451 million.

Sales of heart defibrillators dropped 3 percent to USD422 million, while pacemaker sales dipped 11 percent to USD260 million.

On the other hand, sales of products to diagnose and treat the dangerous irregular heartbeat, a trial fibrillation, increased 10 percent to USD239 million.

 






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