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  • bluecheese4u bluecheese4u Oct 18, 2012 9:10 AM Flag

    Boston Scientific Announces Third Quarter 2012 Results

    Boston Scientific Announces Third Quarter 2012 Results

    Oct 18, 2012

    NATICK, Mass., Oct. 18, 2012 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated sales of $1.735 billion and adjusted earnings per share of $0.16 for the third quarter ended September 30, 2012. The company reported a GAAP loss of $0.52 per share, lower than previous guidance due primarily to the impact of an estimated $809 million (pre and post-tax) goodwill impairment charge associated with the company's U.S. Cardiac Rhythm Management (CRM) reporting unit.

    Third quarter results and recent developments:
    Reported sales of $1.735 billion, a decline of 7 percent on a reported basis and 5 percent on a constant currency basis excluding divested businesses, at the lower end of the company's guidance.
    Delivered adjusted EPS of $0.16, at the higher end of the company's adjusted EPS guidance range of $0.14 to $0.17.
    Generated strong operating cash flow of $271 million.
    Repurchased approximately 46 million shares under the 2011 share repurchase authorization, bringing the total shares repurchased to 169 million shares, or 11 percent of shares outstanding, during the past 18 months.
    The company received two significant regulatory approvals: Early U.S. Food and Drug Administration regulatory approval of the S-ICD® System, the world's first and only commercially available subcutaneous implantable defibrillator.
    CE Mark approval of the Vercise™ Deep Brain Stimulation (DBS) System for the treatment of Parkinson's disease, entering a new therapeutic category.

    The company made two strategic acquisitions: BridgePoint Medical, Inc., which develops a proprietary, catheter-based system to treat coronary chronic total occlusions.
    Rhythmia Medical, Inc., which develops a next-generation mapping and navigation solutions for use in electrophysiology procedures.

    "Despite increased competition and on-going market challenges in our cardiology businesses, we continue to deliver on our adjusted earnings and free cash flow and saw encouraging year over year performance in nearly all of our other businesses," said Hank Kucheman, chief executive officer, Boston Scientific. "We remain focused on executing our strategy to drive this organization back to revenue growth, as evidenced by recent regulatory approvals and acquisitions, and continued progress on our cost optimization initiatives."

    Third Quarter 2012

    Sales for the third quarter of 2012 were $1.735 billion, compared to sales of $1.874 billion for the third quarter of 2011, a decrease of 7 percent. Excluding the impact of foreign currency and sales from divested businesses, sales decreased 5 percent compared to the prior period.

    Worldwide sales for the third quarter - on a constant currency and as reported basis - were as follows:


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