St Jude Medical reports growth during third quarter of 2014

St Jude Medical has announced its financial results for the third quarter of 2014, during which it achieved a net sales total of $1.34 billion (865.85 million pounds).

This represents a year-on-year increase of approximately three percent on a reported basis, with strong US sales helping to offset a slower-than-expected performance in international markets.

During the quarter, the company achieved a number of key milestones, including US Medicaid approval for its CardioMEMS HF System and the completion of its takeover of NeuroTherm.

This means St Jude Medical is now the only medical device manufacturer with a chronic pain product portfolio that offers both radiofrequency ablation and spinal cord stimulation products.

Daniel Starks, St Jude Medical's chairman, president and chief executive officer, said: "We remain firmly committed to delivering an innovation-based growth programme that adds significant value to the healthcare system by improving patient care while reducing costs."

This comes after the firm last month received CE Mark approval for a new update to its Tendril STS and IsoFlex Optim pacing leads, allowing them to be used with MRI technology for the first time.