BSX Sales Fall In Q2
Natick-based Boston Scientific Corp.'s (BSX) second-quarter sales declined 7 percent over last year, bringing them to $1.8 billion, the company announced.
Earnings per share for the period, which ended June 30, were 17 cents.
The medical device maker recorded a non-cash $3.4-billion estimated goodwill impairment charge associated with its Europe, Middle East and Africa reporting unit, and said it was primarily driven by slightly lower projected long-term growth rates due to macroeconomic factors and its performance in the European market. The amount of the goodwill impairment charge is subject to finalization and is expected to be in a range of $3.1 billion to $3.7 billion.
BSX lost $3.4 billion, or $2.39 per share. That figure includes goodwill and other intangible asset impairment charges, acquisition-related net credits, divestiture-, restructuring- and litigation-related charges. Adjusted net income, excluding charges, was $239 million, or 17 cents per share. That compares to net income of $262 million for the second quarter of 2011.
Looking forward, BSX expects sales for the third quarter to be in the range of $1.7 billion to $1.8 billion and estimates that sales for the full year will be just over $7 billion.
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