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Schaeffer's Street Stories: St. Jude Medical Inc. Beats Earnings Expectations

^{Published on 2009-01-27 09:22:51, Last Modified on 2009-01-27 09:23:14 - Market Wire}
 

CINCINNATI--([ BUSINESS WIRE ])--St. Jude Medical Inc. (NYSE: STJ) slipped into the earnings confessional this morning and presented the Street with some impressive results. The medical-device maker posted a net loss of $194 million, or 56 cents per share, compared with year-earlier net income of $118 million, or 34 cents. Excluding charges, such as write-downs and other charges related to last month's $533 million acquisition of MediGuide, earnings rose to 60 cents from 54 cents. Meanwhile, sales increased 11% to $1.13 billion. Analysts had predicted a profit of 58 cents per share.

Last month, citing the stronger dollar, St. Jude lowered its earnings target to 56 cents to 60 cents a share and projected sales of $1.05 billion to $1.12 billion.

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