Boston Scientific Posts Profit

Natick, MA-based Boston Scientific moved into the black for the third quarter after posting a loss in the same period in 2005 as sales rebounded with the help of the Guidant acquisition.

The medical device manufacturer reported a $76 million profit for the quarter ending September 30 compared with a loss of $269 million when costs to end a long-running legal battle with former partner Medinol Ltd. of Israel reduced earnings.

Third-quarter sales rose 34% to $2 billion, boosted by the acquisition of Indianapolis, IN-based Guidant.

Despite the revenues increase, sales of the company’s top-selling Taxus stent, used to treat clogged coronary arteries, fell to $572 million in the third quarter from $601 million the year before. U.S. sales of Taxus stents slipped to $384 million from $404 million.

Boston Scientific paid $27 billion for Guidant – already beset by recalls – after a bidding war with J&J. It has vowed to turn around the ICD business and make it a growth engine but has faced skepticism from investors who have fled the stock.