The Marlborough, Mass.-based company posted losses of -$155 million, or -12¢ per share, on sales of $2.7 billion for the three months ended Sept. 30, 2020, for a bottom-line slide into the red on a sales decline of -1.8%.
Adjusted to exclude one-time items, earnings per share were 37¢, 12¢ ahead of Wall Street, where analysts were looking for sales of $2.5 billion.
Year-over-year, the company reported sales declines in its medsurg segment (-2.3%), rhythm and neuro segment (-3%) and its cardiovascular business (-5.3%). Those numbers still figure as stark improvements on the second quarter’s 29.6% decline in medsurg, a 33.2% drop in rhythm and neuro and an 18.7% dip in cardiovascular.
A large impact on the company’s figures was made by the conversion of U.S. Watchman customers to a consignment inventory model and transition to the next-generation Watchman-FLX, according to a news release. Boston Scientific’s EPS saw a -4¢ hit due to the Watchman conversion and transition.
Still, the company rebounded with $700 million more in revenues compared to its sales figure of $2 billion in the second quarter of 2020. Additionally, the adjusted EPS of 37¢ marked a 29¢ improvement on the previous three months.
Boston Scientific did not provide financial guidance due to the uncertainties remaining around the COVID-19 pandemic and its impact on business.
BSX shares were down -2.9% at $34.99 per share in early-morning trading today.