Boston Scientific Q2 earnings fall on lower sales


21 Jul 2010

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Boston Scientific, which has operations in Dublin and Cork, has reported an almost 40pc fall in its second-quarter earnings.

Net income fell to US$98m against the US$158m earned a year previous, the medical-devices maker reported.

Net sales fell 7pc during the quarter to US $1.92bn against the US$2.07bn reported during the same period in 2009. The fall was driven mostly by the stoppage of sales of its implanted heart defibrillators, Boston said.

Boston Scientific stopped all US shipments of its implanted heart defibrillators in March after it failed to submit paperwork on manufacturing changes.

“I am proud of the way the organisation executed in a number of key areas during the quarter,” said Ray Elliott, president and CEO of Boston Scientific.

“In all, 44pc of our sales in the quarter came from new products, a testament to the building strength of our R&D pipeline,” he added.

Boston Scientific announced an investment of €21.7m in an R&D venture at its Cork operations last August, two weeks after revealing plans to invest €91m in R&D in its Galway plant. However, the company announced during February that it is to reduce its 3,000-strong workforce in Galway by up to 175 people.

Article courtesy of Businessandleadership.com

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