St. Jude Medical slides on potential FDA warning, lowered outlook
Shares of St. Jude Medical are down more than 6% today after the medical device company said it might get a warning letter from the FDA over a California plant and lowered its outlook for the rest of the year.
The beleaguered St. Paul-based firm has had a rough go of it lately, waging a spat with a key supplier and weathering high-profile exposure for its handling of the recall of its Riata defibrillator leads. This morning St. Jude CEO Daniel Starks told analysts on a conference call that the federal watchdog agency might slap the company with a Form 483 warning letter over a cardiac rhythm management plant in Sylmar, Calif.
"It's a risk, and don't be shocked if that risk is realized," Starks said, according to Reuters.