Boston Scientific shares down over 6% after net income drop

Boston Scientific reported Q4 EPS of 13c this morning, which beat consensus estimates of 8c, on revenue of $1.85B, which was less than the $1.91B that analysts had expected and 8% less than the company reported in 4Q10. Net income dropped to $107M from $236M in 4Q10, as demand for defribrillators and pacemakers continues to erode. On the earnings conference call, CEO Hank Kucheman cited weak CRM sales in Europe. On the positive side, Kucheman referenced the improving demographic for medical device makers and Boston Scientific's diverse pipeline of new product launches. As far as guidance, the company noted clouded visibility and continued weakness in the CRM market, seeing FY12 EPS of 60c-70c and encouraged modeling the mid-point of that range. At mid-day, Boston Scientific shares were trading at $5.72, down 6.16%, while competitors Medtronic (MDT) shares were flat and St. Jude (STJ) were down less than a percent.