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ST. JUDE MEDICAL ANNOUNCES RECORD QUARTERLY EARNINGS

 ST. PAUL, Minn., April 21 /PRNewswire/ -- St. Jude Medical, Inc., (NASDAQ-NMS: STJM) today reported record quarterly net sales and net income for the first quarter 1993.
 Net sales for the quarter ended March 31, 1993, totalled $68,154,000, an increase of 13.5 percent over net sales of $60,055,000 for the same period of the prior fiscal year. Net income for the period increased 16.5 percent to $29,189,000, up from $25,054,000 in the first quarter 1992. Earnings per share for the first quarter 1993 were $.61, up 17.3 percent from $.52 per share in the prior year period.
 The net sales increase reflected continued market penetration in all of the company's major markets. Foreign currency exchange rates negatively impacted the net sales increase by .9 percent as the U.S. dollar was stronger against European currencies in the first quarter 1993 compared to the first quarter 1992, especially relative to the Spanish peseta and British pound sterling.
 Ronald A. Matricaria, St. Jude Medical's president and chief executive officer, stated "The first quarter results were very much in line with our expectations. Having just joined St. Jude Medical in mid- April, I am very impressed with the solid performance of the company and this management's ability to continue double-digit growth in the worldwide heart valve business. We have an excellent opportunity to build on the strength of this core business."
 Lawrence A. Lehmkuhl, St. Jude Medical's chairman of the board remarked, "Anticipation of the Clinton Administration's health care reform proposals, coupled with the prospect of an increasingly competitive heart valve market, have resulted in current stock price levels which do not appropriately reflect the company's continued solid performance and our expectations for continued success. Our decision to aggressively repurchase shares reflects our belief that our stock is undervalued in this market."
 St. Jude Medical, Inc. a multinational manufacturer of the world's most preferred mechanical heart valve with over 460,000 implantations since l977, serves physicians worldwide with the highest quality products for cardiovascular care.
 CONSOLIDATED INCOME STATEMENT
 (DATA IN THOUSANDS EXCEPT EPS AND DIVIDENDS)
 Quarter Ended
 March 31
 1993 1992
 Net Sales $68,154 $60,055
 Cost of Sales 16,929 15,882
 Gross Profit 51,225 44,173
 Operating Expenses
 Selling, General and Administrative 12,793 11,682
 Research and Development 2,714 2,095
 Total Operating Expenses 15,507 13,777
 Operating Profit 35,718 30,396
 Other Income 3,462 3,233
 Income Before Taxes 39,180 33,629
 Income Tax Provision 9,991 8,575
 Net Income $29,189 $25,054
 Earnings per common share $.61 $.52
 Dividends paid per common share $.10 $.00
 Primary shares outstanding 47,777 48,072
 -0- 4/21/93
 /CONTACT: Paul Vetter, asst. treasurer, 612-481-7791 or Steve 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

AL -- MN022 -- 8919 04/21/93 16:05 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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