St Jude Medical reports 12 percent sales increase

St Jude Medical has announced strong third-quarter results, including a 12 percent growth in net sales.

The firm racked up $1.383 billion (866.8 million pounds) in net sales during the three-month period in 2011 – compared to $1.240 billion the previous year.

Meanwhile, revenue increased by six percent once the impact of foreign currency was taken into account.

St Jude Medical's chairman, president and chief executive officer Daniel Starks said: "We made good progress during the third quarter implementing numerous new growth drivers."

He added that the firm is simultaneously reducing costs and bolstering productivity in order to achieve its long-term growth targets.

Arterial fibrillation products performed particularly well during the three-month period, witnessing sales growth of 20 percent year-on-year.

Last month, St Jude Medical announced the launch of its cardiac resynchronisation therapy defibrillator in the UK marketplace.

According to the firm, the new device is ideal for managing common heart pacing problems without the need for additional surgeries.