Boston Scientific reports $48M quarterly loss
Photo | TMS Aerial Solutions
Boston Scientific's Marlborough headquarters
Marlborough's Boston Scientific reported a slight $48-million quarterly loss on Wednesday, continuing a year of financial pain for the medical device company.
Boston Scientific's net sales for the third quarter dropped below $2.7 billion, with the biggest losses seen in the company's interventional cardiology, cardiovascular and electrophysiology divisions.
The company also reported an operating loss of $205 million, a sharp reversal from a $383-million profit a year ago. In the past three quarters, a span covering the coronavirus pandemic and a few months before it hit the United States, Boston Scientific has had losses of $130 million.
Boston Scientific also reported strides with a recently federally approved implant device for atrial fibrillation patients, called WATCHMAN FLX. The third quarter also included U.S. regulatory approval for a new tablet platform to help with accuracy during procedures, and new stent systems. It also won European regulatory approval for a spinal cord stimulation system and a brain stimulation system. The company also launched in the United States a gel that reduces the side effects of prostate radiation therapy and in Europe a transcatheter aortic valve implantation platform.
Boston Scientific, citing an expected drop in business from medical offices delaying elective procedures, said in the early spring it would temporarily reduce some employee work schedules and reduce executive and board pay. Third-quarter general and administrative costs were down $28 million, or nearly 3%, compared to a year ago.
In the first quarter, Boston Scientific reported a 2% year-over-year increase in net sales, surpassing $2.5 billion. Net income fell sharply, however, from $424 million a year ago to $11 million, mostly because of rising costs including contingency considerations.
Sales in the second quarter sales plunged by 24%, a loss of roughly $630 million from the same point a year ago. Third-quarter sales jumped by one-third, or $656 million, in that three-month span.
WBJ Web Partners
Most Recent
Most Recent
0 Comments