Boston Scientific Corp. (NYSE:BSX) reportedly plans to cut more jobs in its cardiology, rhythm and vascular unit, its biggest business, according to Thomson Reuters News, citing a source close to the medical device maker.
If true, the Natick, Mass.-based firm would be the second cardiac company in a week to announce layoffs. Medtronic Inc. (NYSE:MDT) said Feb. 22 it plans to eliminate about 2,000 jobs, paring its workforce by roughly 5 percent.
BSX shares are down about 2 percent this afternoon, falling $0.15 to $7.36 each after earlier sliding as low as $7.23 a share.
According to the Reuters report, chief medical officer Keith Dawkins told Boston Scientific employees today that the job cuts were necessary for the firm to remain competitive.