St Jude Medical 1Q13 Earnings Call Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

“We currently are losing some share in the global pacemaker market due to the lack of a value tier of pacemakers in Europe and the lack of an MRI compatible pacemaker in Japan. We expect to reverse this trend between now and the fourth quarter as we launch 5 new pacemaker product lines in Europe and Japan.”

“the [FDA] warning letter has our full attention. It is — there is nothing that is higher priority than diligently and urgently completely remediating everything related to that warning letter, and our team is fully — not only the division level team, but the full corporate team is fully focused on completely and urgently remediating that warning letter and all of it is — we’re making very good progress with it.”

“The greatest softness in our pacemaker results in the first quarter of 2013 on a year-over-year basis were in Japan, and it was 2 for reasons. It was because the — both because of significant ASP declines and because of some volume decline that was”

“In the U.S., the pricing environment is really, I would say, that the dynamics are stable…we expect to continue to see low to mid single-digit decreases in the United States…In international markets, the ASP dynamics are more diverse and also more volatile, and diverse in the sense that we actually see some year-over-year increase in some markets in CRM devices. And in other markets, Japan as an example, because of the government management of pricing, we see double-digit decreases on a year-over-year.”