ST. PAUL, Minn. (AP) — St. Jude Medical said Wednesday its net income rose 3 percent in the fourth quarter on better sales of implantable defibrillators and devices that treat atrial fibrillation, a type of irregular heartbeat.
Net income increased to $123 million, or 42 cents per share, from $120 million, or 39 cents per share. Excluding one-time costs, the company earned 99 cents per share. Revenue grew 4 percent, to $1.42 billion from $1.37 billion.
Analysts expected income of 96 cents per share and $1.39 billion in revenue, according to FactSet.
The company said its heart rhythm device sales rose 3 percent to $705 million and implantable defibrillator sales totaled $442 million, up 5 percent. Atrial fibrillation treatment revenue also rose 5 percent, to $252 million.
Full-year net income grew to $3.76 per share excluding one-time items. Sales were unchanged at $5.5 billion.
In 2014 the company expects to earn between $3.94 and $3.99 per share excluding one-time costs, with revenue between $5.6 billion and $5.75 billion.
Analysts expect income of $3.98 a share and $5.65 billion in revenue, on average.
For the first quarter, the company forecast adjusted earnings per share of 94 to 96 cents and revenue of $1.28 billion to $1.36 billion.
Shares of St. Jude Medical Inc. fell 79 cents to $65.17 in midday trading.