Boston Scientific profits drop to $110M in the first quarter

Photo | TMS Aerial Solutions Boston Scientific's Marlborough headquarters

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By Alexander MacDougall

Marlborough medical device manufacturer Boston Scientific released its first quarterly report of 2022 on Wednesday, showing the company had profited $110 million for the quarter on $3 billion in revenue.

The $110 million in net income is a decrease from the $341 million in profits Boston Scientific earned in the first quarter of 2021, despite revenues increasing to $3 billion from $2.8 billion between the two quarters.

The drop in profits was largely due to $279 million in interest expenses Boston Scientific incurred for the quarter.

Of the revenues, 68% came from the company’s cardiovascular medical devices, while the remainder came from its medical surgical, or medsurg, products. Cardiovascular product sales were up 11% compared to the first quarter of the previous year, while its medsurg product sales grew by 8%.

All individual segments of its cardiovascular and medsurg products recorded an increase in sales. Boston Scientific’s cardiovascular segment is made up of cardiology and peripheral interventions, while medsurg consists of endoscopy, urology, and neuromodulation products. Sales were higher within the domestic market as compared to international sales.

As of 2 p.m. Thursday, Boston Scientific shares traded at $42.82 a share on the New York Stock Exchange, down from $43.55 per share when the markets opened on Wednesday.