St. Jude: Device tax not solely to blame for layoffs

St. Jude Medical's ($STJ) recently announced job cuts and business realignment are designed to save between $50 million and $60 million a year, the same amount the company expects to lose to the incoming medical device tax. But that's just "a coincidence," Executive Vice President John Heinmiller told MassDevice. The cuts were a response to "a lot of different cost pressures" the company is facing, he said. Report