Earnings season is off and running, and that means many golden opportunities to check in with the most important stocks in the health care industry.

With new U.S. health care policies going into effect, pressures from European austerity pressuring sales in the Old World, and large but often uncertain opportunities presented in developing markets, there's a lot of noise to distract investors from company-specific dynamics at work.

In the following video, health care bureau chief Brenton Flynn tries to cut through the noise and offers some of his key takeaways from last week's St. Jude Medical (NYSE:STJ) earnings report.

Brenton Flynn has no position in any stocks mentioned. The Motley Fool owns shares of Medtronic and St. Jude Medical. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.