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Boston Scientific 4Q Net Down 55% As Cardiac Rhythm Sales Fall

DOW JONES NEWSWIRES Boston Scientific Corp.'s (BSX) fourth-quarter earnings fell 55% as the medical-device maker reported lower sales in its key heart rhythm business. Boston Scientific issued an upbeat earnings forecast for the new year. Boston Scientific forecast adjusted earnings of 60 cents to 70 cents a share on revenue of $7.3 billion to $7.7 billion. Analysts polled by Thomson Reuters had targeted full-year earnings of 46 cents a share on sales of $7.63 billion. For the current quarter, the company projected per-share adjusted earnings of 11 cents to 14 cents on revenue of $1.826 billion to $1.9 billion. Analysts expect 11 cents and $1.9 billion, respectively. Boston Scientific, like its competitors, is dealing with weak procedure growth and pricing pressures on certain devices. The company launched a multiyear restructuring effort in 2010 and has been working to cut costs, reduce employee ranks and change-up product offerings, though it continues to struggle with a tough defibrillator market. Boston Scientific reported a profit of $107 million, or 7 cents a share, down from $236 million, or 15 cents a share, a year earlier. Excluding restructuring expenses and other items, earnings fell to 13 cents a share from 20 cents. Revenue decreased 7.7% to $1.85 billion. Excluding currency impacts and sales from divested businesses, revenue was down 5%. The company in October forecast earnings of 13 cents to 16 cents a share on revenue of $1.85 billion and $1.95 billion. Gross margin narrowed to 64.3% from 67%. Sales of cardiac rhythm management products were down 15%. Interventional cardiology sales decreased 7.3% while endoscopy sales increased 7%. Shares closed at $6.09 Wednesday and were inactive premarket. The stock is up 7% in the past three months. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Boston Scientific (BSX)
DateTimeHeadline
09/02/201508:30:00Boston Scientific To Participate In 2015 Morgan Stanley Global...
08/26/201508:30:00Boston Scientific To Participate In The 2015 Wells Fargo Healthcare...
08/24/201516:30:00Boston Scientific Announces CE Mark For MRI Compatible Labeling...
08/24/201516:07:02Statement of Changes in Beneficial Ownership (4)
08/20/201516:07:16Statement of Changes in Beneficial Ownership (4)
08/19/201516:45:00Boston Scientific Announces FDA Approval of Innova™ Vascular S...
08/18/201516:07:59Statement of Changes in Beneficial Ownership (4)
08/11/201516:08:24Statement of Changes in Beneficial Ownership (4)
08/06/201516:16:15Quarterly Report (10-q)
08/04/201516:04:57Statement of Changes in Beneficial Ownership (4)
08/04/201509:13:19Current Report Filing (8-k)
08/04/201507:00:00Endo Completes Divestiture of American Medical Systems' Men's...
08/04/201507:00:00Boston Scientific Closes Acquisition Of The American Medical...
08/04/201507:00:00Endo Completes Divestiture of American Medical Systems' Men's...
08/03/201517:08:00Boston Scientific Announces Equity Investment And Sales Cooperation...
08/03/201516:30:00Boston Scientific Announces Equity Investment And Sales Cooperation...
07/23/201507:10:17Current Report Filing (8-k)
07/23/201507:00:00Boston Scientific Announces Results For Second Quarter 2015
07/20/201509:00:00Boston Scientific Initiates Study Evaluating New Fully Resorbable...
07/16/201516:09:04Initial Statement of Beneficial Ownership (3)

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