10.22.14
Marlborough, Mass.-based Boston Scientific Corp. posted a third-quarter (ended Sept. 30) profit on increased sales of its implantable heart devices and raised its full-year revenue outlook.
Revenue grew 6 percent in the quarter as new products gained momentum and sales of cardiac rhythm devices to manage irregular heartbeats and stents to treat clogged arteries helped the company take market share. Revenue of $1.85 billion exceeded analysts’ expectations of $1.82 billion.
Sales of cardiac rhythm management devices, including implantable defibrillators and pacemakers, rose 3 percent to $480 million from a year earlier. Interventional cardiology sales, including stents, increased 8 percent to $508 million.
Net income totaled $43 million, or 3 cents per share, compared with a year-earlier net loss of $5 million.
"We achieved excellent third quarter results, growing most of our divisions faster than the market while delivering strong, double-digit EPS (earnings per share) growth," said Mike Mahoney, president and CEO, Boston Scientific. "We are particularly pleased with our global performance in cardiovascular and rhythm management. Our momentum continues, and we are excited about the opportunities we have ahead to strengthen our global execution and bring more unique innovation to patients."
In recent years, the company has cut jobs and reduced other expenses as the economic downturn hurt global demand for medical services, and clinical studies suggested stents and some cardiac rhythm devices were being overused.
Boston Scientific raised the low end of its 2014 earnings forecast to 81 cents a share from 79 cents, excluding items, while keeping the high end at 83 cents.
The company increased its full-year revenue outlook to $7.37 billion to $7.42 billion, from $7.33 billion to $7.43 billion.
Revenue grew 6 percent in the quarter as new products gained momentum and sales of cardiac rhythm devices to manage irregular heartbeats and stents to treat clogged arteries helped the company take market share. Revenue of $1.85 billion exceeded analysts’ expectations of $1.82 billion.
Sales of cardiac rhythm management devices, including implantable defibrillators and pacemakers, rose 3 percent to $480 million from a year earlier. Interventional cardiology sales, including stents, increased 8 percent to $508 million.
Net income totaled $43 million, or 3 cents per share, compared with a year-earlier net loss of $5 million.
"We achieved excellent third quarter results, growing most of our divisions faster than the market while delivering strong, double-digit EPS (earnings per share) growth," said Mike Mahoney, president and CEO, Boston Scientific. "We are particularly pleased with our global performance in cardiovascular and rhythm management. Our momentum continues, and we are excited about the opportunities we have ahead to strengthen our global execution and bring more unique innovation to patients."
In recent years, the company has cut jobs and reduced other expenses as the economic downturn hurt global demand for medical services, and clinical studies suggested stents and some cardiac rhythm devices were being overused.
Boston Scientific raised the low end of its 2014 earnings forecast to 81 cents a share from 79 cents, excluding items, while keeping the high end at 83 cents.
The company increased its full-year revenue outlook to $7.37 billion to $7.42 billion, from $7.33 billion to $7.43 billion.