"During the quarter we made good progress toward the execution of both our strategic plan and the necessary financial discipline, which resulted in a strong operating performance despite the challenges facing our industry," said Ray Elliott, president and CEO of Boston Scientific, in prepared remarks. "These results reflect our recovery from the CRM ship hold and our successful focus on regaining share. We also made progress on our restructuring initiatives and the realignment and diversification of our product portfolio, two essential components of our plan for future growth."

"The U.S. ICD sales recovery is still progressing faster than originally anticipated," Wise wrote.


The company received approval from the U.S. Food and Drug Administration for its expanded indication of cardiac resynchronization therapy defibrillator systems, in addition to resolving an FDA corporate warning letter.

St. Jude Medical
St. Jude Medical Inc. posted net sales of $1.240 billion for its third quarter, a 7 percent increase compared with last year's $1.160 billion, the company announced Wednesday.

The Minnesota-based medical device giant saw a 14 percent increase in its ICD sales. Total cardiac rhythm management sales, which include ICD and pacemaker products, were $738 million for the third quarter of 2010, a 7 percent increase compared with the third quarter of 2009.

Wise told investors that St. Jude Medical's results are strong, with the company's earnings per share topping Leerink Swann's estimates.

"Still [St. Jude Medical] traded down today, possibly on concerns about a now-slower CRM market growth outlook and a bit weaker full-year sales guidance in non-CRM divisions," Wise wrote.

The company's stock as of press time was $38.75 per share, down from Thursday's high of $39.35.

St. Jude Medical raised its full-year adjusted profit estimate to a range of $2.98 to $3 per share, up from $2.86 to $2.91 per share.

Looking ahead, St. Jude raised its full-year adjusted profit estimate to a range of $2.98 to $3 per share, from $2.86 to $2.91 per share previously. The annual estimate includes net income of 72 cents to 74 cents per share for the fourth quarter.

"Our third quarter results reinforce our conviction that our growth program is on track and that St. Jude Medical is well-positioned to continue growing long term at a superior rate," said Daniel Starks, the company's chairman, president and CEO, in prepared remarks. "We now have raised our 2010 EPS guidance range for the third time in three quarters. We have good momentum as we prepare to finish up the year and look to 2011."

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