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