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Market: NYSE
Sector: Medical
EPIC: BSX
Latest Price: 5.94  (-0.83% Descending)
52-week High: 7.28
52-week Low: 5.09
Market Cap: 8,490.01M
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Boston Scientific
www.bostonscientific.com

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices. The company’s products, technologies and services are used by medical professionals across a wide range of medical specialties, advancing the practice of less-invasive medicine and providing alternatives to surgery.

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Boston Scientific Q4 profit drops, revenue slides 8%

2nd Feb 2012, 4:10 pm by Brad Lemaire
Boston Scientific Q4 profit drops, revenue slides 8%

Medical device maker Boston Scientific (NYSE:BSX) said Thursday fourth quarter revenue declined by eight percent to miss estimates, as sales were hurt by weak performance in the cardiac rhythm and interventional cardiology segments.

For the three months ended December 31, revenue slid eight percent to $1.85 billion compared to $2 billion a year ago.

Excluding the impact of foreign currency and sales from divested businesses, sales fell by five percent, the company said.

Net income fell to $107 million, or seven cents per share, compared to a year-ago net income of $236 million, or 15 cents per share.

Excluding one-time items such as restructuring charges and litigation adjusted earnings were 13 cents per share.

Analysts polled by Bloomberg expected earnings of eight cents, on revenues of $1.9 billion.

Sales of cardiac rhythm management products were down 15 percent to $482 million. Interventional cardiology sales decreased eight percent to $594 million, while endoscopy sales increased six percent reaching $304 million.

Gross margin narrowed to 64.3 percent from 67 percent a year earlier.

Looking ahead, the company forecast first-quarter sales of between $1.83 and $1.90 billion, and net earnings of two to five cents per share.

It expects to see adjusted earnings, excluding acquisition and restructuring related charges and other items of 11 to 14 cents per share.

Analysts polled by Bloomberg foresee earnings of 11 cents per share.

Shares fell nearly five percent to $5.80 Thursday afternoon in New York.

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