Boston Scientific's Operating Profit Climbs Unexpectedly
Boston Scientific posted a third-quarter net loss on Friday, hit by hefty acquisition and divestiture charges.
The company -- which earlier this week announced a restructuring that includes cutting its work force by 9 percent -- forecast fourth-quarter earnings of 14 cents to 19 cents a share, excluding charges related to acquisitions, divestitures and restructuring. It estimated fourth-quarter sales at $2.05 billion to $2.15 billion.
The consensus estimate on Wall Street is for fourth-quarter profit of 19 cents per share, excluding one-time items, according to Reuters Estimates.
For the third quarter, the medical device maker reported a net loss of $272 million, or 18 cents per share, compared with a year-earlier profit of $76 million, or 5 cents per share.
Excluding special items, the company posted a profit of 20 cents per share. On that basis, the consensus estimate on Wall Street was 16 cents per share, according to Reuters Estimates.
Third-quarter sales were $2.048 billion, up slightly from $2.026 billion a year earlier.
Sales of drug-eluting heart stent systems were $448 million in the quarter, down from $572 million a year ago.
Sales of devices that regulate heart rhythms rose to $517 million from $446 million. The total includes implantable cardioverter defibrillator, or ICD, sales of $372 million, up from $315 million.
Shares of Boston Scientific closed at $13.85 on Thursday on the New York Stock Exchange.