October 19, 2007
Boston Sci reports $272M loss
By Matthew L. Brown
Natick-based Boston Scientific Corp. reported a third quarter net loss of $272 million on revenue that grew 1 percent to slightly more than $2 billion.
BSX said a $0.29-per-share charge related to acquisitions and divestitures was partially responsible for the loss. The company also reported a 16 percent drop in coronary stent sales and a 22 percent drop in sales for its Taxus drug-coated stents.
Earlier this week, the company announced that it would lay off more than 2,000 employees, about 8 percent of its workforce, in a bid to defibrillate its finances. The company hasn't said how many of those employees will be let go from its Natick headquarters or other Massachusetts operations.
Strong sales of other products haven't been enough to lift the company out of the debt it took on with its $27 billion purchase of Guidant Corp. or the sudden drop off in stent sales resulting from questions about their safety.
BSX said it expects a fourth quarter net loss between $0.09 and $0.12 per share on revenue between $2.05 and $2.15 billion.
BSX said a $0.29-per-share charge related to acquisitions and divestitures was partially responsible for the loss. The company also reported a 16 percent drop in coronary stent sales and a 22 percent drop in sales for its Taxus drug-coated stents.
Earlier this week, the company announced that it would lay off more than 2,000 employees, about 8 percent of its workforce, in a bid to defibrillate its finances. The company hasn't said how many of those employees will be let go from its Natick headquarters or other Massachusetts operations.
Strong sales of other products haven't been enough to lift the company out of the debt it took on with its $27 billion purchase of Guidant Corp. or the sudden drop off in stent sales resulting from questions about their safety.
BSX said it expects a fourth quarter net loss between $0.09 and $0.12 per share on revenue between $2.05 and $2.15 billion.
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