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Home » Boston Scientific CEO looks to double emerging market sales

Boston Scientific CEO looks to double emerging market sales

January 13, 2015 By Brian Johnson

Boston Scientific CEO looks to double emerging markets sales

Boston Scientific (NYSE:BSX) is looking double its emerging markets presence over the next 2 years as it seeks to catch up with larger competitors like Medtronic (NYSE:MDT), CEO Mike Mahoney told investors in San Francisco today.

Mahoney, speaking at the J.P. Morgan Healthcare Conference, said the company derived about 10% of its total sales from emerging markets in Brazil, Russia, India and China during the 3-months ended Sept. 30, 2014, an 18% increase from the same period in 2013.

In 2012, the company netted about 8% of its sales from markets, according to a company presentation. Mahoney said Boston Scientific’s goal is to have emerging markets make up 15% of total sales by 2017, as it looks to boost its international footprint overall. Domestic sales make up about 52% of Boston Scientific’s revenues, but the Marlborough, Mass.-based company is hoping to push that to about 46% by 2017.

Expanding its presence in emerging markets is 1 of 5 strategic imperatives Mahoney said the company is putting forward in 2015 and beyond.

Emerging markets have been a part of the long-range plans for Boston Scientific since at least 2011, when the company launched a 5-year, $150 million investment aimed at increasing its footprint in China. The company increased that investment in 2013 by opening up a Shanghai branch of its Institute for Advancing Science and boosting its Chinese workforce by nearly 25%.

Increasing the company’s emerging market sales to 15% of its total revenue would bring Boston Scientific in line with Medtronic, which counts about 13% of its $17 billion in total sales from emerging markets.

Filed Under: Emerging Markets, News Well Tagged With: Boston Scientific, J.P. Morgan Healthcare Conference

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