St. Jude Medical Q2 net sales were $1.410 billion
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On a constant currency basis, net sales increased by approximately 6 percent compared to the second quarter of 2014.
For Q3, St. Jude Medical expects revenue to grow 5 to 7 percent on a constant currency basis.
Including these items, reported net earnings for the second quarter of 2015 were $290 million or $1.02 per share, compared with reported net earnings for the second quarter of 2014 of $270 million or $0.93 per share.
Reported results also include the $17 million after-tax impact, or $0.06 per diluted share, of amortization of intangible assets.
In accordance with GAAP, reported net earnings for the second quarter 2015 do not include any benefit from the federal research and development tax credit, which has yet to be extended for 2015.
Including the benefit of this adjustment and excluding the second quarter net credits and intangible amortization expense, adjusted net earnings for the second quarter of 2015 were $293 million, or $1.03 per share. A reconciliation of the company’s non-GAAP adjusted results to the company’s GAAP reported results is provided in the schedules at the end of the press release.
For the third quarter, St. Jude Medical expects revenue to grow in the range of 5 percent to 7 percent on a constant currency basis compared to the third quarter of 2014 with currency negatively impacting third quarter revenue by approximately $105 million to $115 million.
For the full-year 2015, the company now expects total revenue to grow in the range of 4 percent to 6 percent on a constant currency basis with currency negatively impacting full-year 2015 revenue by approximately $385 million to $410 million.
The company expects its consolidated adjusted net earnings for the third quarter of 2015 to be in the range of $0.96 to $0.98 per share and for full-year 2015 consolidated adjusted net earnings to be in the range of $3.96 to $4. ■