BSX Sees Improvement In Q2

Natick-based Boston Scientific Corp. saw improvement over last year in its second quarter, with a net income of $130 million, compared with a loss of $3.6 billion in 2012, the company announced today.

For the period ended June 30, earnings per share were 10 cents, compared to a loss of $2.51 per share during the same time last year.

Last year’s loss was largely due to a goodwill impairment charge of more than $3 billion associated with its Europe, Middle East and Africa reporting unit, which BSX had said was primarily driven by slightly lower projected long-term growth rates due to macroeconomic factors and its performance in the European market.

Sales dipped 1 percent in the second quarter to $1.81 billion from $1.83 billion in 2012 but exceeded the high end of the company’s guidance for the quarter.

The biggest growth area for BSX during the quarter was in Neuromodulation, which saw year over year growth of 21 percent thanks to the launch of BSX’s Precision SpectraTM Spinal Cord Stimulator System to treat chronic pain. Sales were also up 8 percent in Endoscopy, to $325 million, and 5 percent in Peripheral Interventions, to $199 million.

BSX said its continued global expansion led to combined growth of 29 percent in Brazil, Russia, India and China.

“We are pleased with our improved performance during the quarter,” said President and CEO Mike Mahoney. “As we continue to expand our portfolio, our team is inspired to deliver meaningful innovation to more patients globally.”

BSX said it expects sales in the third quarter between $1.7 billion and $1.76 billion with earnings between 3 cents and 5 cents per share.

Full year estimates put sales between $7.05 billion and $7.17 billion with losses between 7 cents and 1 cent per share.

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