St. Jude Medical (NYSE:STJ) has put aside concerns surrounding the medical device industry in 2014. This stock has roared higher by more than 9% year-to-date even as St. Jude's struggled with consistent growth, particularly in the cardiac rhythm management, or CRM, device industry, a market stretched thin by tight competition between fierce rivals. The company's implantable cardioverter defibrillator business pulled in respectable 2.1% revenue growth in the first quarter, but with St. Jude's second quarter earnings on tap on Wednesday, analysts wanted to see signs of growth.

Fortunately, St.Jude came through with a strong showing from its earnings. While this stock didn't get a boost from that performance, there are signs of optimism for St. Jude investors that this stock can keep up its run. But should you believe in St. Jude's chances going forward? In the slideshow below, find out the three biggest keys from this company's second quarter that shed light on just where this medical device giant could be headed.

Dan Carroll has no position in any stocks mentioned. The Motley Fool owns shares of Medtronic. 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.