NATICK, Mass., Feb. 2, 2012 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) announces financial results for the fourth quarter and full year ended December 31, 2011, as well as sales and earnings per share (EPS) guidance for the first quarter and full year 2012.
Fourth quarter highlights:
- Generated sales of $1.848 billion and achieved GAAP earnings of $0.07 per share and adjusted EPS of $0.13, both within the Company's EPS guidance range
- Initiated U.S. launch of self-manufactured PROMUS Element Plus Stent System, an integral component of the Company's operating profit improvement opportunity over the next several years
- Increased fourth quarter worldwide Endoscopy sales 6 percent, Peripheral Interventions sales 6 percent and Neuromodulation sales 6 percent, all on a constant currency basis, on the strength of new products
- Increased fourth quarter combined sales in China and India by more than 70 percent and continued investments in infrastructure and leadership in those countries
- Began U.S. launch of INCEPTA, ENERGEN and PUNCTUA, the Company's next-generation cardiac resynchronization therapy defibrillators and implantable cardioverter defibrillators
- Achieved primary endpoint in EVOLVE clinical trial evaluating the safety and effectiveness of the SYNERGY Stent System, which features a bioabsorbable polymer coating
- Generated strong operating cash flow of $349 million and repurchased an additional 52 million shares, bringing total 2011 repurchases to 82 million shares or approximately 5 percent of the Company's outstanding shares
"Although we recognize the ongoing challenges of today's environment, we continue to make progress with new product introductions, cost-saving initiatives and a strengthened presence in emerging markets," stated Hank Kucheman, Chief Executive Officer of Boston Scientific Corporation.
Fourth Quarter 2011
Sales for the fourth quarter of 2011 were $1.848 billion, as compared to sales of $2.002 billion for the fourth quarter of 2010, a decrease of 8 percent. Excluding the impact of foreign currency and sales from divested businesses, sales decreased 5 percent as compared to the prior period.
