NATICK, Mass., July 26, 2012 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated sales of $1.828 billion and adjusted earnings per share of $0.17 for the second quarter ended June 30, 2012. The company reported a GAAP loss of $2.39 per share, lower than previous guidance due primarily to the impact of an estimated $3.405 billion ($3.427 billion pre-tax) goodwill impairment charge associated with the company's Europe, Middle East and Africa (EMEA) reporting unit.
Second quarter results:
- Reported sales of $1.828 billion, a decline of 7 percent on a reported basis and 4 percent on a constant currency basis excluding divested businesses.
- Delivered adjusted EPS of $0.17, at the high end of the company's adjusted EPS guidance range of $0.14 to $0.17.
- Generated worldwide drug-eluting stent sales of $318 million resulting in an estimated market share of approximately 31 percent.
- Increased second quarter worldwide Neuromodulation sales 10 percent, Endoscopy sales 7 percent, and Peripheral Interventions sales 7 percent, all on a constant currency basis.
- Reported worldwide ICD revenues of $355 million and maintained an estimated market share of approximately 22 percent on a sequential basis.
- Received U.S. Food and Drug Administration approvals for its INGENIO and ADVANTIO pacemakers and INVIVE cardiac resynchronization therapy pacemakers.
- Completed the acquisition of Cameron Health, Inc. and its novel subcutaneous implantable cardioverter defibrillator (S-ICD) system.
- Generated strong operating cash flow of $407 million and repurchased 18 million shares under the 2011 share repurchase authorization.
"Despite increased competition, challenging market dynamics and disappointing results in certain businesses during the quarter, we delivered on our adjusted earnings and continued to generate strong cash flow," said Hank Kucheman, chief executive officer, Boston Scientific. "As a team, we are committed to effectively executing on our cost optimization initiatives and key growth priorities and driving this organization back to revenue growth."
Second Quarter 2012
Sales for the second quarter of 2012 were $1.828 billion, compared to sales of $1.975 billion for the second quarter of 2011, a decrease of 7 percent. Excluding the impact of foreign currency and sales from divested businesses, sales decreased 4 percent compared to the prior period.
Worldwide sales for the second quarter - on a constant currency and as reported basis - were as follows:
Three Months Ended