St. Jude estimates $60M device tax bill; CEO says tax will increase industry consolidation
St. Jude Medical (NYSE:STJ) CEO Dan Starks told analysts Wednesday that the company estimates it will pay about $60 million as a result of the medical device tax in 2013, and described it as a tax that will have an unintended negative impact on the medical device industry. In a call discussing results of the company’s earnings in the second quarter ended June 30, Starks said that he wouldn’t be surprised to see an uptick in consolidation of the medical device industry in 2013 and one factor contributing to that is the 2.3 percent excise tax ...
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