You can now read 10 articles a month for free. Read as much as you want anywhere and anytime for just 99¢.
  

Boston Scientific 1Q profit jumps despite dip in sales

Natick-based medical device maker Boston Scientific Corp. said Thursday its net income leaped in the first quarter against a year-earlier period, when the company’s performance was bogged down by impairment and restructuring costs.

The company said its net income more than doubled to $113 million, or 8 cents per share, from $46 million, or 3 cents per share. The company’s profit grew despite a 3 percent drop in sales, particularly of the company’s best-selling products: implantable defibrillators and stents.

Continue reading below

Excluding restructuring and other one-time charges, the company earned $220 million, or 15 cents per share, on $1.87 billion in sales. Analysts polled by FactSet expected earnings per share of 8 cents on sales of $1.86 billion.

Chief executive Hank Kucheman said the results ‘‘demonstrate continued progress toward improving our future growth profile and in executing our strategic plan.’’

Sales in the company’s interventional cardiology unit, which includes stents, fell 5 percent to $603 million. Sales of the cardiac rhythm management unit, which includes pacemakers and defibrillators, fell 10 percent to $501 million. Sales of both types of devices have been hit by concerns they are overused and spending cutbacks by hospitals reeling from the weak economy

For the second quarter, Boston Scientific forecast earnings per share between 6 cents and 9 cents per share on revenue of $1.85 billion to $1.95 billion. Adjusted income is pegged at 14 cents to 17 cents per share. Analysts polled by Factset expect a quarterly profit of 10 cents per share on revenue of $1.9 billion, on average.

Looking ahead, the company said it still expects to earn 25 cents to 38 cents per share for the full year, or 60 cents to 70 cents per share excluding one-time items. Boston Scientific narrowed its revenue guidance to between $7.35 billion and $7.65 billion from a February range of $7.3 billion to $7.7 billion. According to FactSet, analysts expect full-year earnings per share of 42 cents on revenue of $7.47 billion.

Company shares rose 35 cents, or 6.2 percent, to $5.88 in morning trading.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week