Boston Scientific Announces Results For First Quarter 2015

MARLBOROUGH, Mass., April 28, 2015 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated sales of $1.768 billion during the first quarter ended March 31, 2015, compared to the company's guidance range for the quarter of $1.740 to $1.800 billion.  This represents 6 percent operational revenue growth (constant currency basis, excluding divested businesses) and flat revenue on a reported basis, all compared to the prior year period.  The company achieved adjusted earnings per share of $0.21 for the period, compared to $0.20 a year ago, which represents 6 percent growth, and reported a GAAP loss of $1 million, or $(0.00) per share, compared to earnings per share of $0.10 a year ago.^*

"We achieved strong results in the first quarter, and we continue to build global momentum." said Mike Mahoney, president and chief executive officer, Boston Scientific. "In particular, our Interventional Cardiology business, including structural heart, delivered excellent results. We are also excited about bringing new innovation to patients with the recent Food and Drug Administration approvals of the WATCHMAN Left Atrial Appendage Closure Device and the EMBLEM Subcutaneous Implantable Defibrillator System."

First quarter financial results and recent developments*:

• Achieved first quarter sales of $1.768 billion, representing 6 percent operational revenue growth and flat revenue on a reported basis, all compared to the prior year period.
• Delivered first quarter adjusted earnings per share of $0.21, which represents 6 percent growth compared to the prior year period, compared to the company's guidance range of $0.19 to $0.21 per share. Reported first quarter GAAP loss of $1 million, or $(0.00) per share, compared to the company's guidance range of $0.07 to $0.11 per share, primarily due to litigation-related charges.
• Delivered first quarter revenue growth of 10 percent in Cardiovascular, 4 percent in Rhythm Management, and 4 percent in MedSurg, all on a constant currency basis over the prior year period.
• Achieved first quarter International constant currency revenue growth of 7 percent over the prior year period, primarily driven by 6 percent growth in Europe and 7 percent growth in the Asia, Middle East and Africa (AMEA) region.
• Received Food and Drug Administration (FDA) approval of the WATCHMAN Left Atrial Appendage Closure Device and completed first U.S. procedures.
• Received FDA and CE Mark approval of the EMBLEM Subcutaneous Implantable Defibrillator System for patients at risk of sudden cardiac arrest and began a limited market release in Europe.
• Entered into an agreement to acquire the American Medical Systems urology portfolio, including the Men's Health and Prostate Health businesses of Endo International plc.
• Entered into an agreement with C. R. Bard, Inc., to distribute the Lutonix® Drug Coated Balloon in the U.S. for the treatment of peripheral artery disease.
• Signed a strategic alliance with Frankenman Medical Equipment Company to accelerate physician training and expand utilization of less invasive medical technologies in China.
• Augmented the Endoscopy portfolio, with the launch of the next generation SPYGLASS DS Direct Visualization System for advanced diagnosis and treatment of pancreatico-biliary diseases, and the acquisition of the Xlumena, Inc. stent delivery systems intended for endoscopic ultrasound (EUS) guided transluminal drainage of targeted areas within the gastrointestinal tract.
• Presented results from the MAJESTIC trial at the 37^th Charing Cross International Symposium demonstrating the Eluvia Drug-Eluting Vascular Stent System⁺ met its primary safety and effectiveness endpoints, with more than 94 percent of lesions treated remaining open at nine months post implantation.