Boston Scientific reports tenfold increase in net profits
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Boston Scientific's Marlborough headquarters
Buoyed by a $4 billion tax benefit, Boston Scientific Corp., the medical device maker, reported an increase in fourth-quarter profits Wednesday.
The publicly-traded Marlborough firm earned $4 billion in profits, or $2.83 a share, during the period from October through December, the company said. That’s up from $386 million, or 27 cents a share, compared to the same quarter one year ago.
Boston Scientific said the increase was the result of a $4 billion income tax benefit.
The firm reported an adjusted profit of 46 cents per share in the quarter, compared to 39 cents last year. Analysts who covered the company had forecast an adjusted profit of 34 cents.
In addition, sales rose to $2.91 billion from $2.56 billion.
"We delivered strong revenue and adjusted EPS growth for the quarter and the year by developing innovative products, executing on our category leadership strategy and mitigating challenges," Michael Mahoney, the company's chairman and CEO, said in a statement.
"We're confident that we have the pipeline, leadership team and focused execution to deliver on our goals to address unmet clinical needs and work to improve the lives of millions of patients."
Going forward, revenues are expected to grow by as much as 12% and adjusted earnings per share should come between $1.74 and $1.79 a share.
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