St Jude Medical ‘well-positioned’ after third quarter growth

St Jude Medical has expressed confidence in its prospects for 2010-11 after experiencing business growth in the third quarter of the current fiscal year.

The medical technology firm accrued a net sales total of $1.2 billion (762.3 million pounds) during the period, up by seven percent year-on-year, with the majority coming from its cardiac rhythm management (CRM) product sales.

All of the company's main business units saw improved business performance during the three months, with the expansion of its CRM division mirrored by the atrial fibrillation, neuromodulation and cardiovascular operations.

Daniel Starks, St Jude Medical's chairman, president and chief executive officer, noted that the firm has now been able to raise its earnings guidance for three quarters in a row, adding that St Jude now has "good momentum" moving into 2011.

He said: "Our third quarter results reinforce our conviction that our growth programme is on track and that St Jude Medical is well-positioned to continue growing long-term at a superior rate."

Earlier this month, the company agreed a deal to purchase AGA Medical Holdings for $1.3 billion.