Profit, sales up at Boston Scientific

July 21, 2009 By MassDevice staff Leave a Comment

Medical device maker Boston Scientific Corp. rebounded from a first-quarter loss earlier this year to post a $158-million profit during the three months ended June 30.

The 10-cent-a-share gain, after adjustments, slightly trailed analyst expectations for the Natick, Mass.-based manufacturer of stents, pacemakers and other devices but was at the high end of the company’s guidance.

Revenues for the quarter were $2.07 billion, slightly ahead of analyst and company projections. The results likewise compare favorably with a $98 million profit on $2.02 million in revenues during the June 2008 quarter.

“New products accounted for more than 40 percent of our sales this quarter, and we continue to bring a wide range of innovations to market,” said new CEO Ray Elliott, who will discuss the quarterly results Tuesday morning at 8 a.m. EST in his first conference call at the helm of the company.

U.S. regulators approved two new stents during the quarter as well as expanding uses for the company’s “Spyscope” catheter-delivery system. Boston Scientific also got the go-ahead to market several other new devices in Europe.

“These approvals position us well for the remainder of the year and, perhaps more important, provide a springboard into 2010,” Elliott said.

Sales rose 5.3 percent in the company’s global cardiovascular business, its largest, to $405 million from $364 million a year ago. However, the strongest growth was seen in the company’s stent sales, climbing $44 million, or 10 percent, to $484 million.

U.S. stent sales were particularly strong, up 26.5 percent to $253 million, and helped offset a small decline in international sales. The company also said its drug-eluting stents — mesh-like devices coated with heart medications — now account for half of the procedures performed in the United States.

Looking ahead, Boston Scientific said it expects third-quarter net income to range between 8 cents to 13 cents per share. Analysts expect adjusted earnings around $225 million, or about 15 cents per share, on average.

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