St. Jude Medical (NYSE: STJ) is expected to report Q2 earnings on July 17. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict St. Jude Medical's revenues will compress -3.4% and EPS will expand 6.8%.

The average estimate for revenue is $1.36 billion. On the bottom line, the average EPS estimate is $0.94.

Revenue details
 Last quarter, St. Jude Medical booked revenue of $1.34 billion. GAAP reported sales were 4.1% lower than the prior-year quarter's $1.40 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.92. GAAP EPS of $0.78 for Q1 were 16% higher than the prior-year quarter's $0.67 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 73.2%, 110 basis points worse than the prior-year quarter. Operating margin was 26.2%, 50 basis points worse than the prior-year quarter. Net margin was 16.7%, 150 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $5.41 billion. The average EPS estimate is $3.69.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on St. Jude Medical is outperform, with an average price target of $44.41.

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