Boston Scientific sees losses narrow in Q3, despite falling stent sales
Boston Scientific has reported its financial results for the 2008 third quarter, which ended September 30, as well as its guidance for net sales for the fourth quarter of this year.
The company posted a net loss for the third quarter of $62 million, compared to 2007 third quarter net loss of $272 million. Reported results included Johnson & Johnson (J&J)-related litigation charges, acquisition- and divestiture-related net credits, restructuring-related charges, intangible asset impairments and amortization expense (after-tax) of $298 million, which Boston Scientific said included:
Worldwide sales of its drug-eluting coronary stents (DES) for the third quarter of 2008 were $396 million, compared to $448 million for the third quarter of 2007, according to the Natick, Mass.-based Boston Scientific. U.S. sales were $209 million, compared to $240 million, and international sales of these systems were $187 million, compared to $208 million in the year-ago quarter.
Worldwide sales of its cardiac rhythm management (CRM) products for the third quarter of 2008 were $572 million, which included $423 million in implantable cardioverter defibrillator (ICD) sales, compared to worldwide CRM sales of $517 million for the third quarter of 2007, which included $372 million in ICD sales, the company reported. U.S. CRM product sales were $377 million, which included $291 million in ICD sales, compared to $343 million, which included $261 million in ICD sales.
The company has estimated that its net sales for the fourth quarter of 2008 to be between $1.97 billion and $2.08 billion.
The company posted a net loss for the third quarter of $62 million, compared to 2007 third quarter net loss of $272 million. Reported results included Johnson & Johnson (J&J)-related litigation charges, acquisition- and divestiture-related net credits, restructuring-related charges, intangible asset impairments and amortization expense (after-tax) of $298 million, which Boston Scientific said included:
The company also reported that its net sales for the third quarter of 2008 were $1.98 billion, as compared to sales of $2.05 billion for the third quarter of 2007.
- $334 million of pre-tax charges ($266 million after-tax) resulting from a ruling by a federal judge in a patent infringement case brought against it by J&J;
- $250 million pre-tax gain ($184 million after-tax) related to the receipt of an acquisition-related milestone payment from Abbott Laboratories;
- $155 million of pre-tax intangible asset impairment charges ($129 million after-tax); and
- $131 million of pre-tax amortization expense ($96 million after-tax).
Worldwide sales of its drug-eluting coronary stents (DES) for the third quarter of 2008 were $396 million, compared to $448 million for the third quarter of 2007, according to the Natick, Mass.-based Boston Scientific. U.S. sales were $209 million, compared to $240 million, and international sales of these systems were $187 million, compared to $208 million in the year-ago quarter.
Worldwide sales of its cardiac rhythm management (CRM) products for the third quarter of 2008 were $572 million, which included $423 million in implantable cardioverter defibrillator (ICD) sales, compared to worldwide CRM sales of $517 million for the third quarter of 2007, which included $372 million in ICD sales, the company reported. U.S. CRM product sales were $377 million, which included $291 million in ICD sales, compared to $343 million, which included $261 million in ICD sales.
The company has estimated that its net sales for the fourth quarter of 2008 to be between $1.97 billion and $2.08 billion.