Boston Scientific expects to add jobs in Mass.

Natick-based medical device leader Boston Scientific said it expects to add jobs in Massachusetts, even as it cuts about 1,500 jobs throughout the company.
Bloomberg News/File 2006
Natick-based medical device leader Boston Scientific said it expects to add jobs in Massachusetts, even as it cuts about 1,500 jobs throughout the company.

A day after disclosing it will shed 1,500 jobs worldwide, Boston Scientific Corp.’s leader said Thursday that the Natick medical device maker will probably add employees in its home state.

Most of the cuts in the two-year restructuring — Boston’s Scientific’s third streamlining since 2011 — will be made at manufacturing plants around the globe, chief executive Michael F. Mahoney said in an interview after the company posted its third-quarter financial report.

Because Boston Scientific does not make any products in Massachusetts, the workforce here will be largely unscathed, he said. The company has about 2,000 employees in the state, at its Natick headquarters, a campus in Marlborough, and a warehouse in Quincy. It employs about 24,000 people worldwide.


“It’s been very stable here in Massachusetts,” Mahoney said. “The businesses here are growing, and we’re investing new resources and capabilities in those businesses.”

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While the company has reduced its corporate staff, he said, its overall Massachusetts payroll is likely to grow.

Boston Scientific boosted sales and narrowed its loss in the May-to-July period. But its stock tumbled 6.1 percent to $11.54 a share Thursday, a loss of 75 cents on the New York Stock Exchange, as analysts focused on other news out of Natick Thursday: the abrupt departure of chief financial officer Jeffrey Capello.

The company said Capello is leaving “to pursue opportunities for a broader management position’’ and will be replaced by Daniel Brennan, currently senior vice president and corporate controller.

“The sudden CFO departure is having the greatest impact” on the stock, Larry Biegelsen, a senior medical supplies analyst for Wells Fargo Securities, wrote in a note to investors. “While we are disappointed by Mr. Capello’s departure, we think the underlying fundamentals of the business remain intact. Specifically, we think the company’s strong pipeline will help accelerate growth in 2014 and drive (profit) expansion over the next few years.”


While its cardiac equipment businesses have faced stiff competition and pricing pressure in the United States and Europe, two of Boston Scientific’s Marlborough-based businesses — endoscopy and women’s health and urology — are part of its faster growing medical surgical segment. Sales at both increased 8 percent in the third quarter, outpacing the industry at large.

Elsewhere, manufacturing plants will be closed and production lines consolidated. For example, Boston Scientific plans to shutter a factory in Fremont, Calif., east of San Francisco, and move assembly work to plants in Costa Rica and Maple Grove, Minn., near the Minneapolis and Saint Paul area, where it employs about 5,000 workers.

At the same time, it is adding jobs at its expanding businesses and in emerging markets such as Russia, China, India, and Brazil, offsetting many of the production cuts.

“We’re continuing to find ways to reduce our manufacturing footprint,” Mahoney said. "We're looking for ways to run the company as lean as we can while we invest in new markets.”

In particular, he said, Boston Scientific is rolling out products in fields ranging from asthma to hypertension to aortic valve replacement. The company Wednesday won a Prix Galien award, a top medical technology prize, for a new implantable defibrillator that uses a pulse generator to deliver life-saving shocks to heart patients.


For the three months ended Sept. 30, the company narrowed its loss to $5 million from $664 million a year earlier, when it wrote down the value of its cardiac rhythm management business.

Boston Scientific’s third-quarter sales were flat at $1.7 billion, but increased 4 percent after accounting for currency fluctuations. Mahoney said that showed continuing growth.

“We grew in the second quarter, and we grew faster in the third quarter,” he said. “We’re performing against our turnaround plan. Prior to the second quarter, we hadn’t grown in four years.”

Robert Weisman can be reached at robert.weisman Follow him on Twitter @GlobeRobW.