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St. Jude Medical's John Heinmiller, a vice president at the medical device company, downplays the notion that recent job cuts were tied to the tax, calling them one of many price pressures facing the business.

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St. Jude Medical (NYSE:STJ) officials told investors yesterday that its recently announced layoffs aren't directly related to anext year's medical device tax, as had been widely speculated.

John Heinmiller, former CFO and current executive vice president, said that although the medical device tax is one of many cost pressures facing St. Jude, to the tune of an estimated $50 million-60 million per year – the same amount of savings the cuts are expected to generate.

"It's a coincidence that [it's the same amount] of what the excise tax would be," Heinmiller said. "There are a lot of different cost pressures we're facing. One of those is the medical device tax."

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