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Boston Scientific Corporation Message Board

  • dead_patients_tell_no_tales dead_patients_tell_no_tales Aug 24, 2005 10:06 PM Flag

    This company is a total disaster

    Unbelievable. Now they lose more market share too.

    Boston Scientific shares fall on FDA warning
    Tuesday August 23, 5:01 pm ET

    "Following news reports of mistaken shipments to five hospitals in January involving products that failed to meet internal quality tests, shares in Boston Scientific Corp. (NYSE: BSX - News) closed at $27.15 on Tuesday, down from $25.92.

    The Aug. 10 warning from the FDA stems from an FDA inspection of Boston Scientific's Quincy, Mass., shipping facility earlier in the year. The FDA said the company did not disclose corrective actions.

    The other products that were mistakenly shipped were a Vaxcel implantable port produced at the company's Glens Falls manufacturing plant, and a balloon catheter.

    It is the third warning from the FDA to be disclosed this year. Last week, a warning was disclosed regarding quality regulation violations associated with the Vaxcel line. Those products had previously been taken off the market.

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    • PDATE 3-Boston Scientific shipping problems 'serious' -FDA
      (Adds details and background throughout, updates shares to close)
      By Susan Heavey

      WASHINGTON, (Reuters) - Boston Scientific Corp.'s (BSX.N: Quote, Profile, Research) distribution process has "serious" problems that allowed flawed medical devices to be shipped, including its Taxus drug-coated stent, U.S. regulators said in a letter made public on Tuesday.

      FDA inspectors said the company failed to properly monitor products so that only acceptable devices were distributed, according to the letter.
      The warning, which also targeted the device maker's Vaxcel chest ports and Symmetry catheter, is the latest setback for the device maker after a string of manufacturing-related product recalls and other FDA warnings.

      The company's shares, which have underperformend the S&P 500 by 28 percent since January, closed down 4.53 percent, or $1.23, to $25.92 on the New York Stock Exchange.
      Yet industry analysts said Tuesday's letter did renew worries about the beleaguered medical device sector, which has been hit hard during the last year with a series of manufacturing-related problems, they said.

      "We do not dispute that some of these mistakes occurred," Rudnick said. "We're working on the process issues."

      The latest FDA warning letter followed an inspection of Boston Scientific's Quincy, Massachusetts, shipping facility.

      Agency inspectors said the company did not have adequate management oversight to review quality and "failed to implement procedures to assure that only devices approved for release are distributed."

      It also did not properly document corrective actions or review data that could help pinpoint problems.

      "On a number of occasions, your firm shipped medical devices that were not considered acceptable for release," it said. The letter did not mention any impact on patients and an FDA spokeswoman was not available for comment.

      One over one hundred Taxus heart stents that failed a quality test were sent to hospitals. The FDA also said the company shipped five Vaxcel units on three different dates after they were recalled in August 2004.

      Boston Scientific initially responded to the FDA's concerns with a June 20 letter offering its commitment to improving its quality controls, the latest warning said. But the agency said that was insufficient.

      "Your response does not identify how and when you plan to implement significant, broad-based corrective actions, nor does it provide sufficient evidence to establish that you have made real changes to your current quality system," the FDA said.

      Last year, Boston Scientific recalled 99,000 Taxus stents after reports of malfunctions.

      Ryan Rauch, an analyst with Jefferies & Company Inc., said the FDA was not likely to force injunction against the Taxus devices because it would cut the U.S. supply. But he added that the warning highlighted sector woes.

      A.G. Edwards analyst Jan Wald said Boston Scientific's inadequate response to the FDA was a concern.

      "It sounds like there's more work to do for Boston Scientific."

      This is a LOSER. All the long pumping losers can post all the BS they want but the stock chart and insider selling speaks for itself. The truth about the scam of Taxus and all the mismanagement, theft of intellectual property, breaching contracts (Medinol), scamming data sets from their trials, hiding defective sticking and deflation product defects (killing patients), distorting earning projections and overall lack of integrity is finally catching up. The slide is NOT over!!
      The debt is growing as are interest rates, they continue to waste money like water, miss estimates, and lose market share, now new and better competitors are about to eat BSX lunch.
      This company is going to fall apart quickly, and this price is going to look very expensive soon. All in my opinion but I have been right for a long ti

    • BS really nees Guidant to stop the erosion of market forces, and pricing erosions, they had better raise their bid.
      This is a damaged company soft sales are not good but the 3 year chart indicates a sell, at best it has a loooong consolidation period as there are a lot of holders waiting to get out just to break even. No catalyst to go higher, and plenty of bad news Why is this loser so high anyways? What are they going to sell now that they can't steal pattents any more?<br>Anybody considering buying at these levels is just asking to lose money, the insiders are bailing for some reason. The chart is forming a flush turd formation. The lawsuits and fact that this company is incapable of developing any kind of product other than what they can steal is just icing on the cake. If you must buy trash wait till it hits $6 then it may be worth speculating. This company needs to pay back the money they got from shareholders while they where stealing other companies ideas, while the insiders where selling stock, and leading us to believe they could actually come up with their own products. BSX will probably have to pay residual payments and punitive damages untill they file for BK. They better hope theirs no mistakes or more lawsuits coming, not much cash left after this atrocity. This stock might be worth a gamble at $6, until then get out while its so high, this high price is a gift, take the money and run. There will soon be tremendous pressure to dump this stock. From Jim Tobin's book, "The Getaway: How to Legally Fleece Shareholders
      1) steal patents, reverse engineer proprietary manufacturing devices
      2) pump stock up with tremendous revenue from the theft of above
      3) dump your options onto the suckers to the tune of $100MM+
      4) litigate and lose, "hey we tried!"
      5) resign when the pipeline is INJUNCTED and stock hits $10, "new challenges ahead, thank you all for this great opportunity!!!"The government looked into hip replacement price fixing. They found doctors used a certain brand of replacement without price checking, so Medicare will now only cover about 1/2 the cost of the price today. That means less sales and less profit on what they sell if they get in a price war. What happens if this bleeds over into stents? The government may feel all stents are equal and cut their payments, ergo, we have to cut price to compete with J&J. Who has the deeper pockets? Not good!

    • Anyway, I understand that BSX still has to pay Medinol more money. I have a question, if BSX buys Guidant they will have to pay what $650 million to J&J for failing to go through with the deal. when the debt is 11 billion, and the shares are diluted, what happens if Guidant investors start another class action lawsuit against BSX?

    • Following a second warning from the U.S. Food and Drug Administration about quality controls at Boston Scientific Corp.'s manufacturing plant in Glens Falls
      Boston Scientific shares fall on FDA warning

      A spokesman for Boston Scientific Corp. on Tuesday said the company had already identified the shipping mistakes cited in a warning by the U.S. Food and Drug Administration.
      In one of the shipments, which involved at least eight-teen Taxus Express stents that failed to meet quality tests,

      lawsuits, stents killing patients, FDA recalls, insider selling,inreasing competition with superior products, growing debt, defective products, recalls, losses, along with a superbearish chart?
      No reason to own this disaster.

    • a poster. Just repeating old lies...

    • The stock will slowly drift lower until the bankruptcy. The company can't handle that amount of debt. The management will rape shareholders and file bankruptcy for sure.

    • CONR has a better mousetrap. BSX obsolete.
      Conor Medsystems is set to take on Boston Scientific
      Medsystems Inc. (CONR ) has developed a new better breed of stent that have the power to swipe large swaths of business from rivals such as Johnson & Johnson (JNJ ) and Boston Scientific Corp. (BSX )
      J&J and Boston Scientific are the two gladiators in this field, but many physicians are keeping a close eye on Conor's product as well. Although the stent's rate of restenosis, or recurrence of arterial blockages, has been much better than Boston Scientifics, doctors say Conor's is also easier to implant is also safer and more effective.

      The Menlo Park (Calif.) company will release new data from clinical trials at a top cardiovascular meeting in Washington. "If it came out in the U.S. right now, the market would swing," says Dr. Dean Kereiakes, a professor of clinical medicine at Ohio State University who is serving as a co-principal investigator for Conor's U.S. clinical trial.

      Conor has had some success but CIBC analyst John P. Calcagnini, who has a $26 price target on the stock, believes Conor can take 11% of the market by 2006.

      Angiotech licenses a drug called paclitaxel to Boston Scientific that inhibits the growth of scar tissue. Conor uses the same drug in its clinical trials, but the way it incorporates and releases the drug is novel and doesn't infringe on its rivals' patents.

      Litvack has helped run three companies, one of which was Advanced Interventional Systems Inc. The company developed laser technology to clear up artery blockages, In 1994 it was acquired by its chief rival, Spectranetics Corp. (SPNC ), for just $12 million -- a thin sliver of the $150 million market cap it reached after going public in 1991.

      At least two physicians with no financial ties to Conor give its device high marks. Some cardiologists say Conor may succeed because its stent, which is thinner and less sticky than existing drug-coated stents, is more easily maneuvered through a clogged artery. "If everything else was me-too, just that one feature would take the whole market," says Dr. Mitchell Krucoff, a professor of medicine and cardiology at Duke University Medical Center If current clinical trials go well, Conor must battle Boston Scientific, J&J, and others. Boston Scientific is spending more than $200 million a year on interest and debt. For Litvack, the key to beating the competition is more innovation, both in devices and drugs. Conor is now developing a stent that uses anti-clotting compounds acquired from Novartis. "We believe the job of a good medical company is to make your products obsolete," he says.

    • I sold this loser because I realized they are just grasping at straws and clutching in a frantic panic as the company implodes. They have no real plan, to stop the bleeding, and loss of market share. I think they know that the days are numbered as stents are being proven to not be as successful as previously thought, the FDA will probably impose fines, fees, or injunction soon, and they continue to have the worst product on the market. All in my opinion do your own research but I am glad to be out and if you look at the desparate attempts of this company to stay above water you can see its in more trouble than they want you to know.

    • Maybe it is the Pebble or his wife Downer. they have been conspicuously absent.

    • Another pathetic lying short appears. Whose new alias do you suppose this is?

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