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STRONG SECOND QUARTER SALES AND EARNINGS REPORTED BY ST. JUDE MEDICAL

 ST. PAUL, Minn., July 21 /PRNewswire/ -- Record net sales and net income for the second quarter 1993 were reported today by St. Jude Medical, Inc. (NASDAQ-NMS: STJM). Net sales for the quarter ended June 30, 1993, totalled $66,944,000, a 17.4 percent increase over net sales of $57,008,000 for the same period of the prior fiscal year. Earnings per share for the quarter were $.61, a 17.3 percent increase over earnings per share of $.52 per share for the second quarter 1992. Net income for the quarter was $28,843,000 compared to net income of $24,891,000 for 1992's second quarter.
 For the six months ended June 30, 1993, St. Jude Medical posted net sales of $135,098,000, a 15.4 percent increase over net sales of $117,063,000 for the comparable period a year ago. Earnings per share of $1.22 for the first half 1993 increased 17.3 percent over earnings per share of $1.04 for the first half last year. Net income for the first half 1993 was $58,032,000 compared to net income of $49,945,000 for 1992's first half.
 Ronald A. Matricaria, St. Jude Medical's President and Chief Executive Officer, stated "We are very pleased with the second quarter and year-to-date results which have been achieved on the worldwide strength of our heart valve business. In face of increased competition on an international basis and the possibility of health care reform in the United States, we have continued to post double-digit unit growth with particular strength in the international markets. We believe it is important to increase our global market share in heart valves while implementing our stated diversification strategy."
 St. Jude Medical, Inc., a multinational manufacturer and marketer of the world's most preferred mechanical heart valve with over 480,000 implantations since 1977, serves physicians worldwide with the highest quality products for cardiovascular care.
 CONSOLIDATED INCOME STATEMENT
 (DATA IN THOUSANDS EXCEPT EPS AND DIVIDENDS)
 Quarter Ended
 June 30
 1993 1992
 Net Sales $66,944 $57,008
 Cost of Sales 16,327 14,212
 Gross Profit 50,617 42,796
 Operating Expenses
 Selling, General, and Administrative 12,641 10,272
 Research and Development 2,827 2,843
 Total Operating Expenses 15,468 13,115
 Operating Profit 35,149 29,681
 Other Income 3,566 3,730
 Income Before Taxes 38,715 33,411
 Income Tax Provision 9,872 8,520
 Net Income $28,843 $24,891
 Earnings per common share $.61 $.52
 Dividends paid per common share $.10 $.10
 Primary shares outstanding 47,326 47,977
 Six Months Ended
 June 30
 1993 1992
 Net Sales $135,098 $117,063
 Cost of Sales 33,256 30,094
 Gross Profit 101,842 86,969
 Operating Expenses
 Selling, General and Administrative 25,434 21,954
 Research and Development 5,541 4,938
 Total Operating Expenses 30,975 26,892
 Operating Profit 70,867 60,077
 Other Income 7,028 6,963
 Income Before Taxes 77,895 67,040
 Income Tax Provision 19,863 17,095
 Net Income $ 58,032 $ 49,945
 Earnings per common share $1.22 $1.04
 Dividends paid per common share $.20 $.10
 Primary shares outstanding 47,551 48,025
 -0- 7/21/93
 /CONTACT: Paul Vetter, asst. treasurer, 612-481-7791, or Stephen Wilson, vice president finance & CFO, 612-481-7542, both of St. Jude Medical/
 (STJM)


CO: St. Jude Medical, Inc. ST: Minnesota IN: MTC SU: ERN

DB -- MN018 -- 4103 07/21/93 16:02 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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