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Boston Scientific Corporation Message Board

  • jellviet jellviet Feb 16, 2012 9:02 PM Flag

    BSX's 22 % decline in U.S. ICD sales

    Ma/Richeyrich, let's compare apples to apples, shall we?

    Here's BSX offical earnings report, which I know you pretend doesn't exist, but this is taken from your employer's website:
    http://bostonscientific.mediaroom.com/index.php?s=24889&item=118713

    And here's the line from their worldwide sales for Q4 2011 for CRM

    Cardiac Rhythm Management
    482

    (15) (as reported)
    %
    (15) (constant currency)
    %

    A 15% drop in global CRM sales in Q4 for BSX in constant currency

    and for full year global CRM sales for BSX:

    Cardiac Rhythm Management
    2,087 billion

    (4) (as reported)
    %
    (7) (constant currency)
    %

    A 7% drop in constant currency global CRM sales for BSX.

    and for STJ, here's the quote from the transcript you referenced here:
    http://seekingalpha.com/article/322057-st-jude-medical-s-ceo-discusses-q4-2011-results-earnings-call-transcript?source=yahoo

    "For the fourth quarter, total Cardiac Rhythm Management or CRM sales, which include revenue from both our ICD and pacemaker product lines, were $728 million, down 4% from last year's fourth quarter, including $8 million of favorable foreign currency translations. On a constant-currency basis, total CRM product sales for the fourth quarter decreased 6%. Total CRM product sales for the full year 2011 were $3,034,000,000, approximately equal to CRM product sales for 2010. Favorable foreign currency translations increased 2011 CRM sales by approximately $92 million. On a constant-currency basis, total CRM product sales for the full year 2011 decreased 3%."

    So, comparing apples to apples in Q4 2011 on a constant currency basis, BSX's global CRM sales declined 15%, while STJ's declined by 6%. It's obvious STJ is kicking BSX's a$$.

    On a full year basis for all of 2011, BSX's CRM sales declined 7% in constant currency, and STJ's declined 3 %. These numbers prove that STJ is gaining market share from BSX. You can spin the numbers any way you want, but when comparing apples to apples, STJ is beating BSX.

    Even from a numbers point of view, STJ's CRM division brought in over $3 billion, while BSX only brought in $2 billion. STJ's CRM division is 50% bigger than BSX's CRM division.

    You like to parrot out the 13% decline in STJ's US ICD sales in Q4 2011, well if you want to compare apples to apples on that point, BSX's US ICD sales declined by 22%. Once again, STJ is cleaning BSX's clock. Here are the numbers from the BSX press release.

    Defibrillator systems
    $214 Q4 2011
    $273 Q4 2010

    Doing the math here, (214-273)/273 = .22

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