St Jude Medical reports further growth in final quarter of 2014

St Jude Medical has announced its preliminary revenue results for the fourth quarter of 2014, during which it achieved a net sales total of around $1.44 billion (946.8 million pounds).

This represented a year-on-year increase of one percent, or five percent on a currency-neutral basis. Strong results from its atrial fibrillation and neuromodulation businesses helped to offset the weaker performances of the cardiac rhythm management and cardiovascular businesses.

Moreover, sales from each product category in the fourth quarter were either within or above the firm's previously issued guidance range.

Following this announcement, the firm's board of directors has authorised the repurchase of up to $500 million of St Jude Medical common stock, demonstrating its confidence in the company's prospects.

Daniel Starks, St Jude Medical's chairman, president and chief executive officer, said: "The progress we made in 2014 will position us well to accelerate sales in 2015 as we continue to execute on delivering our diverse portfolio of innovative solutions."

Last week, the company announced the commencement of STAR-VT clinical trial, a study evaluating the safety and efficacy of the FlexAbility ablation catheter when used in ventricular tachycardia ablation procedures.