Boston Scientific posts sales increase in 2nd quarter, raises revenue guidance
During the second quarter of 2016, Boston Scientific reported sales of $2.13 billion, a 15 percent increase compared with the same period last year.
The company also had a GAAP earnings loss of $207 million and adjusted earnings of $0.27 per share, an increase from $0.22 per share in the second quarter of 2015.
Sales increased 13 percent to $837 million in the cardiovascular division, which includes interventional cardiology and peripheral interventions products. Meanwhile, sales increased 4 percent to $537 million in the rhythm management division, which includes cardiac rhythm management and electrophysiology products.
Boston Scientific also raised its revenue guidance for the full year. The company expects sales of between $8.27 billion and $8.37 billion for 2016, up from the previous guidance of $8.08 billion to $8.23 billion.
In addition, Boston Scientific estimates full year GAAP earnings of $0.30 to $0.35 per share, a decreased from its previous guidance of $0.59 to $0.65 per share. Meanwhile, the company expects adjusted earnings for 2016 to be between $1.07 and $1.11 per share, up slightly from its previous estimate of $1.06 to $1.10 per share.
“The team is outperforming,” Boston Scientific CEO Mike Mahoney told analysts on a conference call, according to the Star Tribune. “We are very excited about the guidance we gave … and strong momentum really across each region and each business.”
The Star Tribune also reported that Mahoney told the analysts that the company was close to settling with approximately 19,000 women who sued the company over injuries alleged caused by pelvic mesh products. In addition, Boston Scientific agreed earlier this month to pay the Internal Revenue Service $275 million to resolve tax issues from 2001, according to the newspaper.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.