Boston Scientific reports 3Q loss of $198M
Despite a third-quarter net loss of $198 million, profits at Marlborough-based Boston Scientific edged above most analysts’ estimates for the third quarter, with revenue from surgical devices particularly strong. The results prompted the company to raise its full-year forecast.
The company’s net quarterly loss, 15 cents per share, was “primarily due to litigation-related charges,” Boston Scientific said in a statement Wednesday. In the third quarter of 2014, the company had earnings of 3 cents a share.
Boston Scientific said it generated revenue of $1.89 billion during the third quarter, which ended Sept. 30. The company had expected revenue to be in the range of $1.79 to $1.84 billion. Compared with the previous year, the results represent a 9 percent operational revenue growth, the company said.
Boston Scientific had adjusted earnings per share of $0.24 for the period, compared with $0.20 in the third quarter of 2014.
Product launches contributed to the strong profit performance, Mike Mahoney, Boston Scientific's president and CEO, said in the release. “We launched several exciting products, invested in multiple early-stage companies and began the important work of integrating the AMS [American Medical Systems] male urology portfolio into Boston Scientific," he said.
Other highlights of the quarter noted by the company included approvals by the Food and Drug Administration for its SYNERGY Bioabsorbable Polymer and Drug-Eluting Stent System, a coronary drug-eluting stent; and for its Innova Vascular Self-Expanding Stent System, to treat patients with peripheral artery disease.
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