Boston Scientific gains on Q4, 2012 numbers, announces more layoffs

January 29, 2013 by MassDevice staff

Boston Scientific shares gain on Wall-Street-beating results for the 4th quarter and 2012 as the medical device company announces plans to lay off up to 1,000 workers worldwide.

Boston Scientific

Shares of Boston Scientific (NYSE:BSX) stock are up nearly 5% this morning after the medical device company announced 4th-quarter and 2012 results that beat Wall Street's expectations and revealed another round of layoffs.

Marlborough, Mass.-based Boston Scientific posted 4th-quarter profits of $60 million, or 4¢ per share, on sales of $1.82 billion for the 3 months ended Dec. 31, 2012, representing a bottom-line slide of 43.9% and a sales decrease of 1.5% compared with the same period in 2011.

For full-year 2012, the company reported losses of $4.07 billion, or $2.89 per share, on sales of $7.25 billion. That's a top-line slide of 4.9%.

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Adjusted to exclude 1-time items, Q4 earnings per share reached 18¢, well ahead of The Street analysts' prediction of 11¢ apiece. Full-year adjusted EPS were 66¢, again topping the The Street's 41¢ forecast.

The news sent BSX shares up 4.8% to $7.19 apiece as of about 10:35 this morning.

"We are pleased but not satisfied with our improved performance in the quarter," president & CEO Mike Mahone said in prepared remarks. "We continued to enhance our growth portfolio, expand in the emerging markets, and implement operational changes to improve our execution and sharpen our customer focus. I am confident we are taking the critical steps that are needed to return our company to long-term growth."