St. Jude Medical Updates Q4 Revenue Outlook - Quick Facts

(RTTNews) - St. Jude Medical, Inc. (STJ), a medical device company, said it expects to report net sales of about $1.44 billion for the fourth quarter of 2014, a 1 percent increase over net sales of in the fourth quarter of 2013. On a currency neutral basis, net sales increased by approximately 5 percent from the fourth quarter of 2013. Analysts now expect fourth quarter earnings of $1.44 billion.

Earlier, the company expected revenue to be in the range of $1.39 billion to $1.47 billion. Further, the company also announced that its board of directors has authorized the repurchase of up to $500 million of St. Jude Medical common stock.

Any shares acquired in the $500 million repurchase program will be available for general corporate purposes, including offsetting dilution associated with stock option and other equity-based employee benefit plans. The company had approximately 287 million shares of common stock outstanding as of Jan. 13, 2015.