8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2007

ST. JUDE MEDICAL, INC.

(Exact name of registrant as specified in its charter)

Minnesota	0-8672	41-1276891
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Lillehei Plaza, St. Paul, MN	55117
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code  (651) 483-2000

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.    Results of Operations and Financial Condition.

On April 19, 2007, St. Jude Medical, Inc. issued a press release concerning its financial results for the first quarter of 2007. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01.    Financial Statements and Exhibits.

(d)   Exhibits:

99.1 Press release issued by St. Jude Medical, Inc. on April 19, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ST. JUDE MEDICAL, INC.
Date:   April 19, 2007	By:	/s/ Pamela S. Krop
		Pamela S. Krop Vice President, General Counsel and Secretary

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press release issued by St. Jude Medical, Inc. on April 19, 2007.

EX-99.1

Exhibit 99.1

St. Jude Medical, Inc.
One Lillehei Plaza
St. Paul, Minnesota 55117
(651) 483.2000
www.sjm.com

Contacts:	Angela Craig	Kathleen Janasz
	Investor Relations	Media Relations
	(651) 481-7789	(651) 415-7042

St. Jude Medical Reports First Quarter Results

St. Paul, Minn. – April 19, 2007 – St. Jude Medical, Inc. (NYSE: STJ) today reported sales and net earnings for the first quarter ended March 31, 2007.

First Quarter Results

The company reported net sales of $887 million in the first quarter of 2007, an increase of 13% compared to the $784 million in the first quarter of 2006. Favorable foreign currency translation comparisons increased first quarter sales by approximately $18 million.

Reported net earnings for the first quarter of 2007 were $146 million, or $0.41 per diluted share. This compares to reported net earnings for the first quarter of 2006 of $137 million, or $0.36 per diluted share.

Commenting on the first quarter results, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “Our first quarter results reflect solid contributions from each of our major growth programs. The investments we made in new people, new products and new programs in 2006 already are beginning to favorably impact our results. St. Jude Medical is raising its guidance for consolidated earnings per share for the full year 2007 to the range of $1.72 to $1.77.”

Cardiac Rhythm Management (CRM)

Total Cardiac Rhythm Management sales, which include implantable cardioverter defibrillator (ICD) and pacemaker products, were $549 million for the first quarter of 2007, a 14% increase compared to the first quarter of 2006.

Of that total, ICD product sales were $302 million in the first quarter, a 15% increase over the comparable quarter of 2006.

First quarter pacemaker sales were $247 million, an increase of 12% from the comparable quarter of 2006.

Atrial Fibrillation (AF)

AF product sales for the first quarter totaled $93 million, a 26% increase over the first quarter of 2006.

Neuromodulation

St. Jude Medical sales of neuromodulation products were $48 million in the first quarter of 2007, up 14% from the comparable quarter of 2006.

Cardiovascular

Total cardiovascular sales, which primarily include vascular closure and heart valve products, were $197 million for the first quarter of 2007, a 6% increase over the first quarter of 2006.

Sales of vascular closure products in the first quarter of 2007 were $90 million of total cardiovascular sales, a 7% increase over the first quarter of 2006.

Total heart valve product sales for the first quarter of 2007 were $72 million, a 4% increase over the first quarter of 2006.

Second Quarter and Full Year 2007 Revenue and Earnings Guidance

During a conference call today, St. Jude Medical will update its revenue expectations for several product categories and provide consolidated earnings guidance for the second quarter and full-year 2007.

The company expects its consolidated earnings for the second quarter of 2007 to be in the range of $0.42 to $0.44 per diluted share and is raising its estimates for consolidated earnings for the full-year 2007 to the range of $1.72 to $1.77.

Conference Call/Webcast

St. Jude Medical’s first quarter earnings call can be heard live today at 7:30 a.m. CT (also archived for 90 days) on the following website:

http://phx.corporate-ir.net/phoenix.zhtml?p=eventDetails&c=73836&eventID=1492507.

About St. Jude Medical

St. Jude Medical is dedicated to making life better for cardiac, neurological and chronic pain patients worldwide through excellence in medical device technology and services. The Company has five major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiac surgery, cardiology and neuromodulation. Headquartered in St. Paul, Minn., St. Jude Medical employs more than 11,000 people worldwide. For more information, please visit www.sjm.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings, and market shares. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s filings with the SEC, including those described in the Company’s Annual Report on Form 10-K filed on February 28, 2007 (see Item 1A on pages 13-20, and page 20 of Exhibit 13 to the Company’s Form 10-K). The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.

St. Jude Medical, Inc.

Condensed Consolidated Statements of Earnings

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended
	March 31, 2007			April 1, 2006
Net sales	$	886,978		$	784,416
Cost of sales		238,977			208,447
Gross profit		648,001			575,969
Selling, general & administrative		328,340			284,208
Research & development		115,958			105,258
Operating profit		203,703			186,503
Other income (expense)		(5,168	)		(704	)
Earnings before taxes		198,535			185,799
Income tax expense		52,810			48,730
Net earnings	$	145,725		$	137,069
Diluted earnings per share	$	0.41		$	0.36
Weighted average shares outstanding-diluted		359,276			384,997

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

	March 31, 2007		December 30, 2006
Cash & cash equivalents	$	111,435	$	79,888
Accounts receivable, net		905,093		882,098
Inventories		477,535		452,812
Other current assets		273,507		275,367
Property, plant & equipment, net		646,417		617,851
Goodwill		1,650,776		1,649,581
Other intangible assets, net		554,860		560,276
Other assets		286,341		271,921
Total assets	$	4,905,964	$	4,789,794
Short-term debt	$	350,000	$	0
Other current liabilities		535,903		676,207
Long-term debt		1,112,175		859,376
Deferred income taxes, net		162,033		163,336
Long-term other liabilities		218,488		121,888
Total equity		2,527,365		2,968,987
Total liabilities & equity	$	4,905,964	$	4,789,794