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Boston Scientific Posts Quarterly Net Loss on Charges

Boston Scientific on Monday posted a fourth quarter net loss as it took charges related to restructuring operations, divesting assets and patent litigation.

Boston Scientific Corp.
Chitose Suzuki
Boston Scientific Corp.

The medical device maker said the net loss was $458 million, or 31 cents a share. That compared with a year-ago net profit of $277 million, or 19 cents a share.

The net loss in the most recent quarter included acquisition, divestiture, litigation and restructuring-related charges and amortization expense (pre-tax) of $939 million, or 55 per share.

Excluding special items, the company posted a profit of 24 cents a share. On that basis, Wall Street analysts on average were expecting a profit of 18 cents a share, according to Reuters Estimates.

Fourth-quarter net sales rose to $2.15 billion from $2.07 billion a year ago.

Worldwide sales of drug-eluting heart stents were $435 million, down from $506 million a year ago. U.S. sales of drug-eluting stents were $224 million, down from $329 million.

Worldwide sales of the cardiac rhythm management devices rose to $544 million, including $396 million of implantable cardioverter defibrillator (ICD) sales. CRM sales last year were $489 million, including ICD sales of $356 million.

The company forecast first-quarter net sales between $1.96 billion and $2.08 billion, with earnings excluding special items estimated between 15 cents and 20 cents per share. It forecast first-quarter net earnings between 13 cents and 18 cents a share.

Shares of Boston Scientific gained over 4 percent in after-hours trading Monday.