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Boston Scientific Corporation Message Board

  • bluecheese4u bluecheese4u Jan 29, 2013 9:37 AM Flag

    Boston Scientific Announces Results For Fourth Quarter And Full Year Ended December 31, 2012

    Boston Scientific Announces Results For Fourth Quarter And Full Year Ended December 31, 2012

    NATICK, Mass., Jan. 29, 2013 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) announces financial results for the fourth quarter and full year ended December 31, 2012, as well as sales and earnings per share (EPS) guidance for the first quarter and full year 2013.

    Fourth quarter results and recent developments:
    •Reported sales of $1.821 billion, a year-over-year decline of 1 percent on a reported basis and on a constant currency basis excluding divested businesses. Delivered GAAP EPS of $0.04 and adjusted EPS of $0.18. Generated strong operating cash flow of $370 million.

    •Achieved revenue growth of 14 percent and earned the clear number two share position in the U.S. in Neuromodulation, 10 percent in Endoscopy and 9 percent in Peripheral Interventions, all on a constant currency basis.

    •The combined revenue in the countries of Brazil, Russia, India and China grew 35 percent in the quarter, on a constant currency basis.

    •Continued to make progress on strengthening the CRM business with the U.S. launch of the S-ICD System, and the completion of the acquisition of Rhythmia Medical, Inc., a developer of a next-generation mapping and navigation solution for use in electrophysiology procedures.

    •Increased DES revenue 6 percent internationally on a constant currency basis and maintained sequential share in the U.S., despite the year-over-year sales decline.

    •Completed the acquisition of Vessix Vascular, Inc., a developer of a next generation catheter-based renal denervation system for the treatment of uncontrolled hypertension.

    •Repurchased approximately 18 million shares under the 2011 share repurchase authorization. Separately, the company announces the authorization of a new program to repurchase up to $1 billion of the company's common stock.

    •Approved an expansion of the company's 2011 restructuring program, which is expected to reduce gross annual pre-tax operating expenses by an incremental $100 million to $115 million exiting 2013.

    "We are pleased but not satisfied with our improved performance in the quarter," said Mike Mahoney, president and chief executive officer, Boston Scientific. "We continued to enhance our growth portfolio, expand in the emerging markets, and implement operational changes to improve our execution and sharpen our customer focus. I am confident we are taking the critical steps that are needed to return our company to long-term growth."

    Fourth Quarter 2012

    Sales for the fourth quarter of 2012 were $1.821 billion, as compared to sales of $1.848 billion for the fourth quarter of 2011, a decrease of 1 percent. Excluding the impact of foreign currency and sales from divested businesses, sales declined 1 percent as compared to the prior period.

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


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