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July 23, 2015

Boston Scientific meets expectations in 'strong' 2nd quarter

Marlborough-based Boston Scientific saw its operational revenue and profits rise in the second quarter, the company reported Thursday. The results are at the upper end of the company’s guidance range.

Operational revenue grew 6 percent, to $1.84 billion during the quarter, which ended June 30. But for its reporting with the U.S. Securities and Exchange Commission, revenue declined 2 percent, which the statement attributed to foreign currency fluctuations.

Boston Scientific had expected revenue of between $1.8 and $1.85 billion.

Earnings per share (EPS) were 22 cents, a penny higher than for the second quarter of 2014. The company reported profits of $102 million, or about 8 cents per share. Boston Scientific’s guidance range on EPS was 20 cents to $22 cents. Analysts with Thomson Financial Network had predicted 21 cents, according to Yahoo Finance.

“Our strong performance in the second quarter reflects the consistent execution of our global teams," President and CEO Mike Mahoney said in the company’s statement. He cited continued strength in Boston Scientific’s cardiovascular division (10 percent revenue growth), and improved growth in its medical-surgical division (7 percent).

Mahoney noted Boston Scientific has several product launches in the works, as well as the completion of its acquisition of the urology division of American Medical Systems in the third quarter.

Looking ahead, the company now estimates full-year revenue between $7.27 billion and $7.37 billion, up from a previous range of $7.22 to $7.37 billion. It slightly lowered its EPS forecast to a range of 28 cents to 34 cents, from 32 cents to 38 cents.

For the third quarter, the company estimates sales in the range of $1.79 billion to $1.84 billion, with EPS of between 10 cents and 13 cents.

Earlier this month, analysts told the Worcester Business Journal that they expect the company to continue on a generally upward path as it moves past recent legal disputes.

In February, the company settled for $600 million a lawsuit brought by Johnson & Johnson over Boston Scientific’s 2006 acquisition of Guidant Corp. Johnson & Johnson had sought $7.2 billion in damages. In May, BSX lost a $100 million verdict in a case over its transvaginal mesh products. A month earlier, it settled nearly 3,000 similar suits for $119 million.

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