St. Jude Medical Inc. (NYSE: STJ) is chugging higher after news that it has reaffirmed its fourth quarter earnings and that it sees revenues in-line with projections. For its December quarter the medical products company sees $0.83 to $0.85 EPS versus a target of $0.84 EPS and it sees revenues up about 4% to $1.4 billion.
The company noted a 4% drop in cardiac rhythm management sales, implantable cardiac defibrillators were down about 5%, pacemaker sales were down about 4%, atrial fibrillation product sales were up about 13%. All figures cited are year-over-year rather than sequential.
Total cardiovascular sales were up about 18%m with vascular products up about 8%, structural heart product up 35%, and neuromodulation products were up about 12%.
St. Jude did note that the fundamentals weakened in the second half of 2011, but two of the four divisions carried the quarter.
The news is after shares were very close to 52-week lows and that is part of why you are seeing such strong gains today. After a 3.2% gain to $35.70, the 52-week trading range is $32.13 to $54.18. Some of today’s move may be short covering as sellers may have to go ahead and assume that the worst has been seen now that this stock trades at about 11-times earnings.
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