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Boston Sci profit beats expectations, but is off 15%
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Boston Scientific Corporation's second-quarter net income fell 15 percent amid slumping sales of drug-coated stents.
Profits exceeded analysts' expectations for the struggling medical-device maker, which also offered a rosy third-quarter outlook. Still, shares fell 2.3 percent to $13.48 in after-hours trading.
Boston Scientific -- based in Natick, Mass., with major operations in Maple Grove, Plymouth and Arden Hills -- reported net income of $98 million, or 7 cents a share, down from $115 million, or 8 cents a share, a year earlier. Excluding restructuring, acquisitions and other charges, per-share earnings rose to 20 cents from 16 cents.
Revenue dropped 2.3 percent to $2.02 billion.
The average per-share earnings estimate of analysts polled by Thomson Reuters was 11 cents on revenue of $2.02 billion. Estimates typically exclude one-time charges.
Worldwide sales of drug-coated stents -- tiny metal scaffolds used to prop open blood vessels -- dropped 13 percent, and fell 30 percent in the U.S. alone.
Sales of drug-coated stents have fallen off in the last several quarters as worries about blood clots have given doctors pause about using the devices.
Worldwide sales of heart-rhythm management devices, including implantable cardioverter defibrillators (ICDs), rose 10 percent, while U.S. sales climbed 9.6 percent.
Looking forward, Boston Scientific expects third-quarter per-share earnings of 14 cents to 19 cents on revenue of $1.95 billion to $2.06 billion, compared with Wall Street's view of 12 cents on revenue of $2 billion.
DOW JONES NEWS SERVICE
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