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February 1, 2023

Boston Scientific profits fell 33% in 2022

Photo | Courtesy Boston Scientific Boston Scientific headquarters, Marlborough

The annual profits at Boston Scientific, a Marlborough medical device manufacturer, dropped to $698 million in 2022, down from $1.04 billion in 2021.

The drop in profits came even though the company’s annual revenue increased, up to $12.7 billion in 2022 from $11.9 billion the previous year, according to the company’s earnings report released Wednesday.

Looking strictly at the fourth quarter, revenue at the company in 2022 increased 3.7% over the fourth quarter 2021, where it reached $3.2 billion. Profits for the fourth quarter were $140 million, up from $94 million in the fourth quarter 2021.

“Our global team continues living our mission to transform lives, and I'm proud of the results we achieved in the fourth quarter and throughout 2022," Mike Mahoney, chairman and CEO of Boston Scientific, said in the press release announcing the earnings. "In the year ahead we remain committed to our goals of delivering new, meaningful innovations to benefit patients globally while continuing to deliver differentiated financial performance."

After the earnings report came out, Boston Scientific’s stock price rose 1.5% on Wednesday to $46.96 per share on the New York Stock Exchange. The company’s stock was outperforming the market as a whole, as the S&P 500 dropped 0.4% on Wednesday.

In the fourth quarter, Boston Scientific announced an agreement to acquire Apollo Endosurgery, Inc, a medical technology company headquartered in Austin, and announced its plan to acquire a majority stake in a Chinese medical company in December 2022.

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