BSX Earnings Fall On Charges, Sales
Natick-based Boston Scientific Corp.'s second quarter net income tumbled to $98 million from $115 million a year ago on falling sales of coronary stents and more than $200 million in restructuring charges and expenses.
The medical device company reported net sales of $2 billion compared to $2.1 billion a year ago and reported $1.6 billion in cash compared to $1.5 billion for the same period a year ago.
The company saw sales increases in its cardiac rhythm management and endosurgery products but losses in sales of its interventional cardiology, cardiovascular and neurovascular products. The company said it paid down $300 million in debt during the quarter.
Quarterly amortization expenses hit $135 million and the sale of "non-strategic investments" resulted in a charge of $96 million. Other charges included a $21 million charge related to the company's ongoing layoffs.
The company said it expects net sales of $2.1 billion in the third quarter.
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