Printer Friendly

ST. JUDE MEDICAL, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 1992 EARNINGS

 ST. PAUL, Minn., Feb. 8 /PRNewswire/ -- St. Jude Medical, Inc. (NASDAQ-NMS: STJM) today reported record quarterly net sales and net income for the fourth quarter ended Dec. 31, 1992, as well as record annual net sales and net income for the full year 1992.
 For the quarter ended Dec. 31, 1992, St. Jude Medical reported a 20 percent improvement in earnings per share, as net income increased to $26.4 million, or $.55 per share, from net income of $22.l million, or $.46 per share, for the fourth quarter 1991. Net sales for the quarter were $64.2 million compared to $52.8 million in last year's fourth quarter, an increase of 22 percent.
 For the full year 1992, net income increased 21 percent to $101.7 million, or $2.12 per share, from $84.0 million, or $1.75 per share, in 1991. Net sales for 1992 of $239.5 million increased 14 percent from the 1991 level of $209.8 million.
 Lawrence A. Lehmkuhl, St. Jude Medical's president and chief executive officer, stated, "We are very pleased with our strong second half performance which has enabled us to report full year 1992 results which are very much in line with our sales and income targets. We enjoyed market share gains in each of our major geographic markets in 1992 as the St. Jude Medical mechanical heart valve continues to set the industry standard for heart valve quality, durability, and performance. In addition, several new products were brought to the market in 1992. These included the Hemodynamic Plus (HP) series of the mechanical heart valve, the coated sterile aortic valve graft, the Toronto stentless porcine valve, and the RediGuard intra-aortic balloon catheter. This year represents the Company's seventh consecutive year of record net sales and net income."
 Lehmkuhl went on to say, "The fourth quarter reflected solid sales gains for all our products and was marked by the European introduction of our new HP series of the mechanical heart valve. These valves were developed to meet the needs of the patient with a small annulus who requires optimum hemodynamic efficiency in a replacement valve. The HP series solidifies St. Jude Medical's leadership position in the worldwide heart valve market."
 Lehmkuhl concluded, "We are well positioned as we enter 1993 and remain cautiously optimistic that we can achieve our financial targets in the face of increasing competition and health care cost containment pressures."
 St. Jude Medical, Inc., a multi-national manufacturer of the world's most preferred mechanical heart valve with over 440,000 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
 12/31/92 12/31/91
 Net Sales $64,203 $52,843
 Cost of Sales 15,919 14,186
 Gross Profit 48,284 38,657
 Operating Expenses
 Selling, General & Administrative 13,103 10,645
 Research & Development 3,567 2,158
 Total Operating Expenses 16,670 12,803
 Operating Profit 31,614 25,854
 Other Income 3,851 3,279
 Income Before Taxes 35,465 29,133
 Income Tax Provision 9,044 7,011
 Net Income $26,421 $22,122
 Earnings per common share $.55 $.46
 Dividends per common share $.10 $.00
 Primary shares outstanding 47,798 48,101
 Year Ended
 12/31/92 12/31/91
 Net Sales $239,547 $209,837
 Cost of Sales 60,250 60,794
 Gross Profit 179,297 149,043
 Operating Expenses
 Selling, General & Administrative 45,561 40,286
 Research & Development 11,478 8,110
 Total Operating Expenses 57,039 48,396
 Operating Profit 122,258 100,647
 Other Income 14,196 12,062
 Income Before Taxes 136,454 112,709
 Income Tax Provision 34,796 28,741
 Net Income $101,658 $83,968
 Earnings per common share $2.12 $1.75
 Dividends per common share $.30 $.00
 Primary shares outstanding 47,931 48,069
 -0- 2/8/93
 /CONTACT: Paul J. Vetter, Asst. Treasurer, 612-481-7791; or Stephen L. Wilson, V.P. Finance & CFO, 612-481-7542, both of St. Jude Medical/
 (STJM)


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

KH -- MN018 -- 4308 02/08/93 17:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 8, 1993
Words:695
Previous Article:LIFE USA HOLDING, INC. REPORTS A 110 PERCENT INCREASE IN EARNINGS -- REVENUES INCREASE 28 PERCENT
Next Article:FUNCO ANNOUNCES FINANCIAL RESULTS FOR THE PERIOD ENDED JAN. 3, 1993
Topics:


Related Articles
ST. JUDE MEDICAL REPORTS YEAR-END EARNINGS
ST. JUDE MEDICAL EXPECTS SECOND QUARTER GAINS WILL BE BELOW EXPECTATIONS
ST. JUDE MEDICAL ANNOUNCES SECOND QUARTER EARNINGS
ST. JUDE MEDICAL, INC. REPORTS THIRD QUARTER RESULTS
ST. JUDE MEDICAL ANNOUNCES RECORD QUARTERLY EARNINGS
STRONG SECOND QUARTER SALES AND EARNINGS REPORTED BY ST. JUDE MEDICAL
FOURTH QUARTER NET INCOME OF $25.6 MILLION REPORTED BY ST. JUDE MEDICAL, INC.
ST. JUDE MEDICAL REPORTS FOURTH QUARTER INCLUDING RESULTS FROM PACESETTER
ST. JUDE MEDICAL REPORTS PROFITS UP 24% FOR QUARTER AND YEAR
St. Jude Medical Addresses 1997 Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters