Boston Scientific makes losses

Source: Healthcare Digital

Date :19/10/2007 10:56:30

Boston Scientific Corp posted a third-quarter net loss on Friday, on hefty acquisition and divestiture charges.

The Natick, Massachusetts-based company posted a net loss of $272 million, or 18 cents a share, compared to a profit of $76 million, or 5 cents a share in the year-ago period.

Net sales for the quarter increased to $2.048 billion from $2.026 billion a year ago.

Adjusted net income for the quarter increased to $299 million or $0.20 per share compared to $271 million or $0.18 per share a year ago.

Debt

Boston is currently carrying about $8 billion in debt following its acquisition Guidant Corp for $27 billion.

The company earlier this week announced plans to restructure which included plans to sell three of its non-core business units as well as laying off about 2,300 employees, or 13 percent of its workforce.

Boston said it estimated fourth-quarter sales at $2.05 billion to $2.15 billion.

Analysts are expecting on average $2.18 billion.

October 19 2007

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