The Marlborough, Mass.-based company posted losses of $147 million, or -11¢ per share, on sales of $2 billion for the three months ended June 30, 2020, seeing its bottom line slide from $154 million in profits into the red on a sales decline of 23.9%.
Adjusted to exclude one-time items, earnings per share were 8¢, 10¢ ahead of Wall Street, where analysts were looking for sales of $1.73 billion.
Thanks in large part to the COVID-19 pandemic and deferred elective procedures, the company reported a 29.6% decline in medical surgery sales, a 33.2% drop in rhythm and neuro sales and an 18.7% dip in cardiovascular sales.
“We remain focused on the safety of our team, our customers and the patients they serve, and were pleased to see the business recovering over the course of the quarter,” Boston Scientific chairman & CEO Mike Mahoney said in a news release. “With a strong pipeline of differentiated products and an agile global team, we’ll continue to execute on our strategy and make prudent decisions to position us for success as deferred procedures resume.”
Boston Scientific said it will continue to not offer fiscal 2020 guidance as the impact of COVID-19 is still causing uncertainties.
BSX shares were up 3.8% at $39.73 in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.74%.