Medical device tax will cost Boston Scientific $75M this year, CEO says

February 12, 2013 by MassDevice staff

Boston Scientific CEO Michael Mahoney tells investors that the new 2.3% medical device sales tax will cost the company about $75 million in 2013.

Boston Scientific logo

Medtech giant Boston Scientific (NYSE:BSX) estimates that its 2013 medical device tax obligation will amount to around $75 million, president & CEO Michael Mahoney told an audience at the company's analyst meeting in New York today.

The Massachusetts-based medical device company aims to overcome that hurdle along with slow growth in some of its key businesses, hoping to post 2013 growth that out-paces the rest of the market.

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Mahoney plans to do that by developing Boston Scientific's global presence, streamlining its operations and strengthening the company's footprints in fast-growing technologies.

Boston Scientific has seen some leaner times of late, partly from continuing declines in cardiac rhythm management sales and a 4.9% slide in revenue in 2012, compared with 2011.