St. Jude Medical has become and will continue to be one of the largest and most successful medical device companies in the world by excelling at delivering high-quality, innovative products that reduce health care costs and improve outcomes for patients who suffer from expensive, epidemic diseases. We believe that investing in purposeful innovation is instrumental to our success.
While our 2012 sales growth was lower than expected due to a number of factors, our strong operating discipline enabled us to deliver adjusted earnings per share* (EPS) in 2012 that exceeded expectations. Although we expect sales growth in 2013 to remain challenging due to macro-economic factors, structural changes in health care, and the emerging nature of many of our growth drivers, we are firmly committed to delivering superior growth in EPS during 2013 without sacrificing investment in research and development.
* Adjusted earnings per share is a non-GAAP measure and excludes certain charges.