NATICK, Mass., April 19, 2012 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) announces financial results for the first quarter ended March 31, 2012, as well as sales and earnings per share (EPS) guidance for the second quarter and full year 2012.
First quarter and other highlights:
- Generated sales of $1.866 billion and achieved GAAP earnings of $0.08 per share and adjusted EPS of $0.15, both above the company’s EPS guidance range.
- Increased first quarter worldwide Peripheral Interventions sales 8 percent, Neuromodulation sales 8 percent, and Endoscopy sales 5 percent, all on a constant currency basis.
- Maintained leadership position in the drug-eluting stent market with a worldwide share of 34 percent and U.S. share of 46 percent.
- Achieved positive outcomes in the PLATINUM trial comparing the PROMUS Element Coronary Stent System to PROMUS (XIENCE V®)[1] out to two years and demonstrated superior efficacy of PROMUS Element in a landmark analysis of outcomes from year one to year two in the trial.
- Demonstrated continued commitment to innovation and growth in the company’s Cardiac Rhythm Management (CRM) business by initiating the launch of the INGENIO family of pacemaker systems in Europe and exercising an option to acquire Cameron Health, Inc. and its novel subcutaneous implantable cardioverter defibrillator (S-ICD) system.
- Strengthened the company’s financial flexibility by putting in place a new five-year $2 billion revolving credit facility, replacing the previous credit facility, and returned to investment grade ratings with all three major credit-rating agencies.
- Repurchased 23 million shares, bringing total repurchases under the 2011 share repurchase program to more than 100 million shares.
“I am pleased with the achievements we made in the first quarter, which demonstrate continued progress towards improving our future growth profile and in executing our strategic plan,” said Hank Kucheman, Boston Scientific’s chief executive officer.
First Quarter 2012
Sales for the first quarter of 2012 were $1.866 billion, compared to sales of $1.925 billion for the first quarter of 2011, a decrease of 3 percent. Excluding the impact of foreign currency and sales from divested businesses, sales decreased 3 percent compared to the prior period.
Worldwide sales for the first quarter - on a constant currency and as reported basis - were as follows:
