St. Jude Medical profit tops view, forex to hurt revenue

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St. Jude Medical profit tops view, forex to hurt revenue

By Debra Sherman (Reuters) - Medical device maker St. Jude Medical Inc said on Wednesday first-quarter profit rose as lower expenses outweighed a decline in sales but warned that full-year revenue will be hurt by foreign exchange effects. Shares dropped 1.2 percent to $41.65 in mid-day trading. Chief Financial Officer John Heinmiller said on a conference call that 2013 revenues will be reduced by about $90 million to $110 million from a year ago due to the negative effects of foreign exchange. It will cut earnings by 12 cents to 15 cents per share. ...

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