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Boston Scientific Announces Results for Fourth Quarter and Year Ended December 31, 2008
Date:1/28/2009
Q4 adjusted results in line with expectations; Company well positioned for 2009 and beyond
Company records $2.7 billion goodwill impairment charge
NATICK, Mass., Jan. 28 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced financial results for the fourth quarter and full year ended December 31, 2008, as well as guidance for net sales and earnings per share (EPS) for the first quarter of 2009.
Fourth quarter highlights:
- Sales of $2.002 billion and adjusted EPS of $0.21 (GAAP EPS loss per share of $1.62, including a $2.7 billion goodwill impairment charge)
- Achieved third consecutive quarter of double-digit sales growth in our U.S. Cardiac Rhythm Management (CRM) business
- Increased U.S. drug-eluting stent (DES) leadership with Q4 market share of 47 percent; exited the quarter with 49 percent (25 percent PROMUS and 24 percent TAXUS(R) stent systems)
- Grew Neuromodulation sales 10 percent over prior year
"During the quarter, we continued to gain share in our cardiac rhythm management and drug-eluting stent businesses, driven by the approval and successful launch of important new products," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "Throughout the year, we made progress in critical areas across the Company and positioned ourselves well for the future. We've transformed quality, revitalized our pipeline, streamlined the organization, strengthened our financial fundamentals and diversified our product portfolio. We will build on this solid foundation in 2009 and beyond."
Fourth Quarter 2008
Net sales for the fourth quarter of 2008 were $2.002 billion, which in
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