Boston Scientific Revenues Fall, Profits Jump
Natick-based medical device manufacturer Boston Scientific Corp. swung to a $190 million profit in the third quarter, a drastic turnaround from the $90 million loss the company reported during the same period last year.
Revenue for the quarter was $1.9 billion, a 5 percent decrease.
The company reported far fewer legal expenses during the quarter, which allowed it to post a profit despite the slight drop in revenues. Research and development expenses also fell slightly.
Also during the quarter, the company acquired Asthamtz Inc., a California asthma treatment company for $195 million. The company also received U.S. Food and Drug Administration approval for a cardiac defibrillator system.
Full year revenues are expected to be between $7.7 billion and $7.8 billion, versus $8.2 billion last year.
Updated fourth quarter revenue projections are between $1.9 billion and $2 billion, compared to $2.1 billion a year ago.
The company posted a $1.8 billion loss during the second quarter this year on $1.9 billion in sales.
Boston Scientific executives were expected to hold an earnings conference call Tuesday evening.
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