BSX posts strong Q3
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Marlborough-based Boston Scientific Corp. (NYSE: BSX) saw revenue climb 6 percent over 2013 in the third quarter, driven largely by sales of its cardiovascular products, according to an earnings statement released Tuesday.
Net sales for the company totaled $1.8 billion in the quarter ended Sept. 30, up from $1.7 billion a year earlier. Earnings per share increased to 3 cents, compared with less than a penny per share a year earlier, on net income of $43 million. That’s a turnaround from a net loss of $5 million in the third quarter of 2013.
BSX raised its full-year earnings outlook, estimating revenue will total between $7.37 billion to $7.42 billion, compared with prior guidance of $7.325 billion to $7.425 billion. That would result in annual earnings between 81 and 83 cents per share, compared with a prior estimate of 79 to 83 cents.
“We achieved excellent third-quarter results, growing most of our divisions faster than the market while delivering strong, double-digit EPS growth,” BSX President and CEO Mike Mahoney said in a statement.
The company’s cardiovascular segment posted the most earnings growth, with sales of $723 million, up 8 percent over 2013.
Meanwhile, Boston Scientific made headlines Tuesday on news of the indictment of Aaron Quoc Khieu, a former engineer for the company. He’s facing federal charges that he stole trade secrets from Boston Scientific.
According to published reports, Khieu allegedly tried to use the technology as he looked for investors in a bid to start his own company. Khieu pleaded not guilty earlier this month.
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