Boston Scientific Posts Profit
October 19, 2009 by Stephen Kersey
Filed under Business
Medical-devices company Boston Scientific has posted a third-quarter profit, returning to profitability from a quarterly loss a year ago. However, Boston Scientific posted a growth in sales that was less than Wall Street expected as the market for heart-rhythm devices continues to weaken as the economic downturn continues.
Image: sxc.hu
The results from Boston Scientific were somewhat expected after its rival, St. Jude Medical, posted a weak preliminary third-quarter release that revealed the lack of demand for implantable cardioverter defibrillators, or ICDs. While Boston Scientific did not experience certain slowdowns that St. Jude Medical outlined in its report, it did notice that the market for these heart-rhythm devices had slowed significantly.
Following the report, Boston Scientific shares slid 7 percent to $9.45 in after-hours trading. The company posted a profit of $200 million, or 13 cents per share, compared to a loss of $62 million, or four cents per share, last year. Boston Scientific’s earnings managed to outstrip its own expectations that it set in July.
