MARLBOROUGH, Mass. (AP) -- Boston Scientific Corp. (BSX) reported second-quarter earnings that sank 97 percent, as a heavy lawsuit-related charge and other expenses weighed on the medical device maker's results. The performance topped analyst expectations.
The Marlborough, Massachusetts, company said Thursday its profit declined to $4 million, or roughly breakeven on a per-share basis, from $130 million, or 10 cents per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, were 21 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 20 cents.
The company said revenue rose 3.5 percent to $1.87 billion from $1.81 billion in the same quarter a year earlier. The results matched Wall Street forecasts.
Boston Scientific booked a $267 million pretax charge in the quarter, mainly to increase liability reserves that cover cases and defense costs for its transvaginal surgical mesh product. The company's selling, general and administrative expenses also climbed about 12 percent to $743 million in the quarter.
Boston Scientific shares have risen $1, or 8.3 percent, to $13.02 since the beginning of the year, as of Wednesday's close. The Standard & Poor's 500 index has climbed 7.5 percent in the same time frame. The stock has climbed $3.41, or 35 percent, in the last 12 months.