August 17, 2007
BSX down on word of unit sale
By Cory Hopkins
Natick-based Boston Scientific's stock was down nearly 3 percent this morning, to $12.37 amid word that the company could sell off its cardiac surgery and vascular surgery businesses.
This morning's price for BSX was down from $12.91 at opening. BSX stock closed at $12.74 last night. The sale of the two units would be part of the company's effort to stanch the bleeding caused by slumping sales of its coronary stent division.
The company's cardiac surgery business was acquired in 2006 as part of the $27 billion deal that brought medical device company Guidant into the BSX fold. Headquartered in San Jose, with a manufacturing facility in Puerto Rico, the division employs 450 and had 2006 revenues of $189 million.
The vascular surgery business was established with the acquisition of Meadox Medicals in 1995. Employing 250, mostly at its manufacturing facility in Wayne, N.J., the business reported 2006 revenues of $86 million, Boston Scientific said.
Sales of the company's drug eluting coronary stent systems were down 41.96 percent in the second quarter of this year compared to the same time last year, the company said in its second-quarter earnings statement.
This morning's price for BSX was down from $12.91 at opening. BSX stock closed at $12.74 last night. The sale of the two units would be part of the company's effort to stanch the bleeding caused by slumping sales of its coronary stent division.
The company's cardiac surgery business was acquired in 2006 as part of the $27 billion deal that brought medical device company Guidant into the BSX fold. Headquartered in San Jose, with a manufacturing facility in Puerto Rico, the division employs 450 and had 2006 revenues of $189 million.
The vascular surgery business was established with the acquisition of Meadox Medicals in 1995. Employing 250, mostly at its manufacturing facility in Wayne, N.J., the business reported 2006 revenues of $86 million, Boston Scientific said.
Sales of the company's drug eluting coronary stent systems were down 41.96 percent in the second quarter of this year compared to the same time last year, the company said in its second-quarter earnings statement.
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