Boston Scientific Profits Soar
First-quarter profits at Boston Scientific of Natick more than doubled in the first quarter of this year over the same quarter in 2011, as the medical device manufacturer announced today.
Boston Scientific reported $113 million in net income, or 8 cents per share. That's up from $46 million in the same quarter of 2011 (3 cents per share). The latest results included acquisition- and divestiture-related expenses totaling $107 million. During the quarter, which ended March 31, the company announced it will acquire Cameron Health Inc. of San Clemente, Calif., which makes and distributes implantable defibrillators and has developed the world's first and only commercially available implantable cardioverter defibrillator that goes under the skin, according to Boston Scientific.
The company also repurchased 23 million shares of stock during the quarter as part of a program launched last year to buy more than 100 million shares.
Despite the jump in profits, Boston Scientific's revenue was down 3 percent in the quarter compared to the first quarter of 2011. The company said sales totaled $1.87 million, down from $1.92 million.
It estimates full-year sales will fall between $7.35 billion and $7.65 billion. Its sales for 2011 came in at $7.6 billion.
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