Boston Scientific said its first-quarter profit more than doubled as the medical device maker cut expenses to offset declining sales of drug-coated stents.
The company said after markets closed Monday that it earned $322 million, or 21 cents per share, in the January-through-March period. That compares with a profit of $120 million, or 8 cents per share, in the same period a year ago.
Net sales were down slightly to $2.05 billion from $2.09 billion a year earlier.
Sales of Boston Scientific's drug-coated heart stents fell nearly 9 percent to $428 million from $468 million a year earlier.
The Natick, Mass.-based company says it boosted earnings in part by managing expenses through sales of some of its businesses last year.