Cardiovascular sales lead growth for BSX
Boston Scientific Corp. (NYSE: BSX) of Marlborough saw sales improve in the fourth quarter and throughout 2014, thanks in large part to strong sales of the company’s cardiovascular devices.
Sales for the quarter ended Dec. 31 were $1.88 billion, up three percent over the third quarter of 2013. For the full year, BSX reported sales of $7.3 billion. That’s compared with $7.1 billion in fiscal 2013.
Results were in line with company guidance, and led to operating revenue growth of 7 percent for the quarter and 6 percent for the year.
The company executed a turnaround last year after posting 2013 losses. Mike Mahoney, president and CEO of BSX, said in a statement that 2014 was a year of “significant achievement” for the company, which has in recent years cut its worldwide workforce and expanded its portfolio in order to diversify its revenue sources.
Net cardiovascular sales, the company’s largest segment, jumped 10 percent in the fourth quarter to $779 million, while sales of rhythm management and med surge products increased 5 percent and 4 percent, respectively. For the year, cardiovascular sales grew 5 percent to $2.9 billion, while annual rhythm management and med surge sales increased 6 percent and 5 percent.
The company’s annual net income of $267 million resulted in earnings of 20 cents per share. For the quarter, net income totaled $87 million, or 6 cents per share.
“We strengthened our core business and invested in new technologies and global markets, which contributed to excellent results across our businesses and regions … We look forward to the year ahead and bringing more innovative medical technologies and solutions to patients, physicians and hospitals,” Mahoney said.
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