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  • Conversation: St. Jude Medical delivers sales growth for Abbott Labs

    • January 25, 2018 12:49 PM GMT
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      St. Jude Medical delivers sales growth for Abbott Labs

      One year ago, when Abbott Laboratories snapped up St. Jude Medical, one of Minnesota’s largest and longest-running medical device makers, deal skeptics abounded.
      “There was a fair amount of concern and criticism when we acquired St. Jude,” Abbott Labs Chief Executive Miles White recalled Wednesday, noting during a call with analysts that the Little Canada company had struggled to grow for several years before the deal. “But frankly, as you can see in the numbers, there’s growth here and there’s going to be growth here. … I’m really happy with the performance of St. Jude.”
      Illinois-based Abbott reported fourth-quarter earnings Wednesday that beat analysts’ adjusted estimates by a penny per share and full-year financials that showed just how much the year-old St. Jude deal has helped the overall company.
      Medical devices now comprise Abbott’s largest product group by revenue, with more than $10.3 billion in revenue during 2017, amounting to operational growth of almost 6 percent on the year. Adding the St. Jude Medical’s product pipeline of heart device and pain therapies helped offset operational revenue declines in another major medical device category for Abbott — its $1.1 billion stent division, which slid nearly 2 percent compared to the prior year.
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