Boston Scientific Profit Falls 15% as Stent Sales Ease

Boston Scientificquarterly earnings fell 15 percent on declining sales of its drug-eluting stents and charges for acquisitions, divestitures and restructuring.

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Second-quarter net income was $98 million, or 7 cents a share, compared with net income of $115 million, or 8 cents a share, a year ago.

Excluding special items, Boston Scientific said its second- quarter earnings were 20 cents a share.

On that basis, analysts on average had forecast a profit of 18 cents a share, according to Reuters Estimates.

Overall net sales in the second quarter fell about 2 percent to $2.02 billion, compared with $2.07 billion in the year-ago quarter.

The Natick, Massachusetts-based company said worldwide sales of its drug-releasing heart stents declined to $382 million in the second quarter from $437 million a year ago.

U.S. sales of drug-eluting stents were $175 million, down from $249 million.

Stents are small wire mesh tubes inserted into coronary arteries to prop them open after they have been cleared of blockages.

Worldwide sales of cardiac rhythm management devices rose to $578 million, including $420 million in sales of implantable cardioverter defibrillators, which correct abnormal heart rhythms.

CRM sales in last year's quarter were $524 million, including ICD sales of $377 million.

Boston Scientific forecast overall third-quarter sales of between $1.95 billion and $2.06 billion and income, excluding special items, of between 14 cents and 19 cents a share.

It estimated third-quarter net earnings would be between 18 cents and 23 cents a share.