St Jude Medical is a global medical device manufacturer dedicated to the treatment of some of the world’s most expensive, epidemic diseases. The company sells products in more than 100 countries and has over 20 operations and manufacturing facilities worldwide. It has four main technology platforms that are atrial fibrillation, cardiac rhythm management, cardiovascular and neuromodulation. Recently the company published a good report for the 3th quarter and 9 months of 2013. The quarter total sales increased by 0.9% y/y, exceeding expectations by 1.4%. The quarter net income grew by 48.9% y/y and it was better than expectations by 1.3%. Net sales in Europe (+7.1% y/y) and Asia Pacific (+5.9% y/y) grew faster than anywhere. The company invests in new medical technologies. Recently it bought medical technology companies specializing in the production of equipment to treat cardiovascular diseases: Endosense, Nanostim, CardioMEMS, Spinal Modulation. This will allow the company to enter new markets and increase revenues in the future. We believe that the company's sales in the long term will grow with acceleration due to the expansion on international markets and development of new segments. It should also be noted that the Company generates a significant amount of cash. Recently the Board of Directors decided to pay a quarterly dividend of $0.25 per share (+8.6% y/y), which implies a 1.7% yield. Our medium-term fundamental valuation of St Jude Medical (STJ) shares is $66. Short-term goal is $60.