Boston Scientific Announces Results for Third Quarter Ended Septembe...( NATICK Mass. Oct. 21 /- Boston Sc...)

NATICK, Mass., Oct. 21 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced financial results for the third quarter ended September 30, 2008, as well as guidance for net sales and earnings per share (EPS) for the fourth quarter of 2008.

Third quarter highlights:

-- Reported net sales of $1.978 billion and adjusted EPS of $0.16

-- Maintained U.S. drug-eluting stent (DES) market leadership

-- Achieved worldwide cardiac rhythm management (CRM) sales growth of 11

percent

-- Launched the COGNIS(TM) CRT-D and TELIGEN(TM) ICD devices in the U.S.

-- Received FDA approval for the TAXUS(R) Express2(TM) Atom(TM)

Paclitaxel-Eluting Coronary Stent System, the first DES for small

vessels

-- Launched the PROMUS(TM) Everolimus-Eluting Coronary Stent System in the

U.S.

-- Generated $638 million of operating cash flow

-- Paid down $500 million of debt

-- Reduced SG&A and R&D expenses by $128 million from prior year

"For the second consecutive quarter, we maintained our strong U.S. DES market share leadership of 45 percent, even though there are now four competing companies," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "This clearly demonstrates the power of our unique two-drug platform. In our CRM business, we launched COGNIS and TELIGEN -- the world's smallest and thinnest high-energy CRT-D and ICD devices -- to a very positive reception from physicians. We have now received FDA approval for our TAXUS Atom and TAXUS(R) Liberte(R) stent systems, and we are looking forward to additional approvals, including our Apex(TM) balloon catheter, Carotid WALLSTENT(R) and Express(R) SD Renal Stent
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