St. Jude Medical Inc. (NYSE:STJ) reported sales and net earnings for the first quarter ended April 2, 2016.
First quarter 2016 highlights:
- Net sales of $1.448 billion increased 8 percent as reported, or 2 percent on a comparable constant currency basis, at the high end of the company’s guidance range.
- St. Jude Medical has successfully completed its integration of Thoratec; left ventricular assist device (LVAD) sales grew strong double digits on a comparable constant currency basis.
- Neuromodulation sales increased approximately 10 percent on a constant currency basis as we continue to surround chronic pain with the most comprehensive product portfolio on the market.
- Atrial fibrillation sales driven by double digit growth from the company’s TactiCath™ and FlexAbility™ ablation catheters.
- Adjusted earnings per share of $0.90 increased 9 percent on a constant currency basis, above the high end of the company’s guidance range, with reported GAAP earnings per share of $0.33.
First Quarter 2016 Sales
The company reported net sales of $1.448 billion in the first quarter of 2016, an 8 percent increase compared to net sales of $1.345 billion in the first quarter of 2015. On a comparable constant currency basis, net sales increased by approximately 2 percent compared to the first quarter of 2015.
Commenting on the company’s financial results, St. Jude Medical President and Chief Executive Officer Michael T. Rousseau said, “In the first quarter, we delivered sales and adjusted earnings per share at or above the high end of our guidance. With 10 product approvals and associated launches in key regions around the world, we demonstrated our commitment to bringing lifesaving products to patients while driving sales momentum in the areas of atrial fibrillation, heart failure and neuromodulation.”
As previously announced, St. Jude Medical has changed its sales reporting to more closely align with how the company manages the business in five key areas: atrial fibrillation, heart failure, neuromodulation, cardiovascular and traditional cardiac rhythm management. For additional information please see the Form 8-K furnished by the company on January 13, 2016.
First Quarter Earnings Results
In the first quarter the company recognized net after-tax charges of $164 million, or $0.57 per diluted share, primarily related to acquisition-related costs, ongoing restructuring activities, strategic investment impairments, income tax adjustments and amortization of intangible assets. Including these items, reported net earnings for the first quarter of 2016 were $95 million or $0.33 per share, compared with reported net earnings for the first quarter of 2015 of$262 million or $0.91 per share. Excluding these items, adjusted net earnings for the first quarter of 2016 were $259 million or $0.90 per share. A reconciliation of the company’s non-GAAP adjusted results to the company’s GAAP reported results is provided in the schedules at the end of the press release.
Second Quarter and Full-Year 2016 Sales and Earnings Guidance
For the second quarter, St. Jude Medical expects revenue to grow in the range of 1 percent to 3 percent on a comparable constant currency basis compared to the second quarter of 2015 with currency negatively impacting second quarter revenue by approximately $10 million to $15 million. For the full-year 2016, the company continues to expect total revenue to grow in the range of 2 percent to 4 percent on a comparable constant currency basis with currency negatively impacting full-year 2016 revenue by approximately $35 million to $55 million.
The company expects its consolidated adjusted net earnings for the second quarter of 2016 to be in the range of $1.05 to $1.07 per share and is increasing full-year 2016 consolidated adjusted net earnings by $0.06 to be in the range of $4.01 to $4.11 per share. A further reconciliation of the company’s quarterly and annual guidance is provided in the schedules at the end of the press release.
St. Jude Medical Inc. earnings per share showed a decreasing trend of -11.1% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 442%.Analysts project EPS growth over the next 5 years at 10.61%. It has EPS annual growth over the past 5 fiscal years of 2.3% when sales grew 1.4. It reported 7.7% sales growth, and -63.7% EPS decline in the last quarter.
The stock is trading at $78.36, up 61.39% from 52-week low of $48.83. The stock trades down -1.61% from its peak of $80.84 and -7.26% below the consensus price target of $72.67. Its volume clocked up at 3.67 million shares which is lower than the average volume of 3.78 million shares. Its market capitalization currently stands at $22.22B.
0 yorum:
Yorum Gönder