NATICK, Mass., Oct. 20, 2011 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) announces financial results for the third quarter ended September 30, 2011, as well as updated sales and earnings per share (EPS) guidance for the fourth quarter and full year 2011.
Third quarter and other highlights:
- Achieved sales of $1.874 billion; and reported GAAP earnings of $0.09 per share and adjusted EPS of $0.15, both exceeding previous guidance
- Invested $192 million to purchase 30 million shares under the Company’s estimated $1.25 billion combined share repurchase authorizations
- Increased constant currency worldwide sales of Endoscopy by 6 percent, Peripheral Interventions by 4 percent and Neuromodulation by 6 percent, all on the continued strength of new products
- Achieved double digit sales growth in the three largest emerging markets of Brazil, India and China
- Maintained substantial leadership position in the global drug-eluting stent market with 36 percent share worldwide and U.S. share of 49 percent
- Generated strong operating cash flow of $366 million, ending the quarter with $276 million of cash on hand
- Promoted Hank Kucheman to Chief Executive Officer and welcomed Mike Mahoney as President
“Boston Scientific’s earnings performance remains strong, despite very challenging global economic and end-market conditions that adversely impacted revenue,” stated Hank Kucheman, Chief Executive Officer of Boston Scientific Corporation. “The execution of the Company’s POWER strategy is the right top priority for the entire leadership team.”
Sales for the third quarter of 2011 were $1.874 billion, as compared to sales of $1.916 billion for the third quarter of 2010, a decrease of 2 percent. Excluding the impact of changes in foreign currency exchange rates and sales from divested businesses, sales decreased 3 percent as compared to the prior period.
