St. Jude Medical, a manufacturer of implantable cardiac devices and other medical products, dampened its full-year earnings outlook for 2015 because of adverse effects of foreign currencies.
The St. Paul-based company reported $262 million in net income for the quarter ended March 30, up about 5% from the same quarter last year.
Net sales for the quarter slipped from $1.36 billion in 2014 to $1.34 billion in 2015, but sales grew by 5% over last year on a constant currency basis.
In the U.S., St. Jude saw its cardiac rhythm management sales dip 4%, to $256 million, compared with the first quarter of 2014. U.S. sales in other divisions, including cardiovascular and vascular, were up.
St. Jude lowered its earnings outlook for 2015 to $3.92 to $3.97 a share compared with its forecast in January, when the company expected earnings of $3.95 to $4 a share.
The adjustment was based on a higher-than-expected negative impact of foreign currencies, which the company now expects to reach between $385 million and $410 million.
