Boston Scientific’s sales beat on demand for heart devices
Boston Scientific Corp reported better-than-expected quarterly sales as it sold more of its heart devices and revenue from its troubled cardiac rhythm management business increased.
The company also raised its full-year revenue forecast range to $8.27 billion-$8.37 billion from $8.08 billion-$8.23 billion.
The cardiac rhythm management business, which sells pacemakers and defibrillators, had been weighing on Boston Scientific’s results for several months due to the lack of MRI-compatible products.
However, new device approvals in the business helped improve sales in the second quarter, rising 4.5 percent from a year earlier and 18.2 percent from the first quarter to $512 million.
The company reported a net loss of $207 million, or 15 cents per share, for the quarter ended June 30, largely due to litigation charges. The company posted a profit of $102 million, or 8 cents per share, a year earlier.
On an adjusted basis, Boston Scientific earned 27 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
The company’s net sales rose 15.4 percent to $2.13 billion. Analysts on an average had expected $2.05 billion.
(Reporting by Amrutha Penumudi in Bengaluru; Editing by Maju Samuel)
Source: Reuters Health