The company reported said its net income of $113 million, or 8 cents a share, in the latest quarter, up from $46 million, or 3 cents a share, in the 2011 quarter. The company’s profit grew despite a 3 percent drop in sales, particularly of the company’s best-selling products, implantable defibrillators and stents.
Excluding reorganization and other one-time charges, the company earned $220 million, or 15 cents a share, on $1.87 billion in sales. Analysts polled by FactSet had expected earnings of 8 cents a share on sales of $1.86 billion.
Boston Scientific’s chief executive, Hank Kucheman, said the results suggested “continued progress toward improving our future growth profile and in executing our strategic plan.”
Sales in the company’s interventional cardiology unit, which includes stents, fell 5 percent, to $603 million. Sales of the cardiac rhythm management unit, which includes pacemakers and defibrillators, fell 10 percent, to $501 million. Sales of both types of devices have been hurt by concerns they are overused and by spending cutbacks at hospitals struggling from the weak economy.
Shares in the company rose 5.6 percent on Thursday, to $5.85.
For the second quarter, Boston Scientific forecast earnings of 6 to 9 cents a share on revenue of $1.85 billion to $1.95 billion.
Looking ahead, the company said it still expected to earn 25 cents to 38 cents a share for the full year, or 60 cents to 70 cents a share excluding one-time items.
Boston Scientific narrowed its revenue guidance to $7.35 billion to $7.65 billion from a February range of $7.3 billion to $7.7 billion. According to FactSet, analysts expect full-year earnings of 42 cents a share on revenue of $7.47 billion.
New York Times