Boston Scientific Corp. (BSX) Profit Tumbles
Boston Scientific Corp. on Monday said its first-quarter profit fell by 64 percent on costs from the company's $27 billion acquisition of Guidant Corp. last spring, as well as weak sales of the medical device maker's heart stents and defibrillators.
Natick-based Boston Scientific said net income for the January-through-March period was $120 million, or 8 cents per share, compared with a profit of $332 million, or 40 cents per share, in the same period a year ago. The per-share profit in the latest period was hurt because the company now has 1.5 billion outstanding shares as a result of the Guidant deal, compared with 830 million a year ago.
Net sales rose 26 percent to $2.086 billion from $1.62 billion in the year-ago period -- a result boosted in part by the additional business Boston Scientific took on with its Guidant acquisition. That result narrowly beat the consensus estimate of analysts surveyed by Thomson Financial, who expected sales of $2.079 billion in the latest quarter.
Natick-based Boston Scientific said net income for the January-through-March period was $120 million, or 8 cents per share, compared with a profit of $332 million, or 40 cents per share, in the same period a year ago. The per-share profit in the latest period was hurt because the company now has 1.5 billion outstanding shares as a result of the Guidant deal, compared with 830 million a year ago.
Net sales rose 26 percent to $2.086 billion from $1.62 billion in the year-ago period -- a result boosted in part by the additional business Boston Scientific took on with its Guidant acquisition. That result narrowly beat the consensus estimate of analysts surveyed by Thomson Financial, who expected sales of $2.079 billion in the latest quarter.
Labels: Boston Scientific Corp., BSX
posted by Stock Administrator @ 10:01 PM
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