BSX profits plunge despite sales growth
Strong sales from several divisions, as well as international growth of 7 percent, were tarnished by heavy expenses as Boston Scientific Corp. (BSX) reported a 97-percent drop in profits in its second-quarter financial results.
The Marlborough-based medical device maker generated sales of $1.87 billion during the quarter that ended June 30, the company announced Thursday. This placed the number firmly in the company's guidance range of $1.84 to $1.89 billion.
The sales represent a jump of 4 percent compared to the same period in 2013 of $1.81 billion, the company said.
But that was dampened by higher costs and a $267 million legal bill that saw BSX’s profits plummet to $4 million for the quarter, compared to $130 million for the same period the previous year. The company said it achieved adjusted earnings per share of 21 cents for the period, compared to 18 cents a year ago,
BSX lowered its full-year revenue estimate to a range of $7.325 to $7.425 billion, down slightly from its prior estimate of $7.3 to $7.5 billion, yet still enough for 3 to 4 percent annual growth, it said.
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