Boston Scientific's (BSX) Bleak Outlook
The stent business continues to dog Boston Scientific (BSX) numbers. Several studies have shown that the devices can cause blood clots.
BSX sales for the third quarter of 2007 were $2.048 billion as compared to $2.026 billion for the third quarter of 2006. Worldwide sales of the Company’s drug-eluting coronary stent systems for the third quarter of 2007 were $448 million as compared to $572 million for the third quarter of 2006.
Reported net loss for the third quarter of 2007 was $272 million, or $0.18 per share. Reported results for the third quarter of 2007 included acquisition- and divestiture-related charges (after-tax) of $435 million, or $0.29 per share.
The company’s forecast was gloomy. BSX estimates net sales for the fourth quarter of 2007 between $2.05 billion and $2.15 billion. Adjusted earnings — excluding charges related to acquisitions, divestitures and restructuring, and amortization expense — are estimated to be in a range of $0.14 and $0.19 per share. The Company estimates a net loss on a GAAP basis between $0.09 and $0.02 per share.
No recovery here.
Douglas A. McIntyre