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St. Jude Medical Inc. Q1 2008 Earnings Call Transcript

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2008-04-17 19:35:11.0

Tags: St. Jude Medical Inc.

Question-and-Answer Session

Thank you. [Operator Instructions] Your first question is from Mike Weinstein from JPMorgan. Please go ahead.

Mike Weinstein - JPMorgan

Good morning and thank you for taking the question. Dan, I was hoping you could give us first a feel for what's playing out in the CRM markets. Now that the Fidelis recall activity has died down and do you sense that there has been some stabilization of market share.

If you can just comment geographically about the US and obviously Japan and then you had strong performances across a bunch of businesses the one business that is likely [ph] disappoint in the quarter was ANS and you lowered your guidance there for the year. So, I was hoping, you could just spend some more time on it. Thanks.

Daniel J. Starks - Chairman, President and Chief Executive Officer

So let me offer a couple of comments and also ask my colleagues to join in on the ICD market. Though we definitely seen the ICD market stabilize, we think that the dynamics are consistent with the expectations, we articulated at our annual investor conference two months ago of this year. So, really everything was very much as expected for a little additional color and comment, let me ask Eric Fain, President of our Cardiac Rhythm Management division to add any additional flavor that you might find appropriate. Eric?

Eric S. Fain - President - Cardiac Rhythm Management

Well Dan, I agree with your comments. I think things are looking as we had discussed at the investor conference. We are seeing things stabilize, especially if you take the entire CRM business as a whole we are seeing the normal sorts of fluctuations that were expected to see and I think that it will reinforce us the way that we are doing guidance looking at the pacemaker and ICD markets combined.

Daniel J. Starks - Chairman, President and Chief Executive Officer

And Michael as you can appreciate we'll want to wait and see the other players in the space report their numbers to really update our market model, but from our field organizations we really just very much as expected.

Let me ask President -- our Group President Joe McCullough to comment a little bit more specifically with respect to the dynamics in Japan. Joe what update would you offer with respect particularly to the impact of the Fidelis recall in Japan and what that we see here in the first quarter.

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