Boston Sci hits stride in Q3, partly due to CRM, stent sales
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Net sales for the third quarter of 2009 were $2.03 billion, as compared with net sales of $1.98 billion for the third quarter of 2008, which included sales from divested businesses of $12 million, according to Boston Scientific.
The company reported increased global cardiac rhythm management (CRM) product sales of 8 percent—rising to $646 million in the 2009 third quarter. While its ICD and pacemaker system sales rose globally, its electrophysiology sales remained flat in the U.S., and fell internationally.
“So far this year, CRM market growth has not been as strong as expected, but our CRM business has continued to grow," said Ray Elliott, president and CEO of Boston Scientific. However, Elliot touted its strong stent sales.
For drug-eluting stent (DES) sales, the company saw a small jump in global profits of $411 million in the third quarter of 2009, compared with $396 million in the year-ago quarter. Its strong DES sales were carried by U.S. sales, as international DES sales increased only $2 million during the three-month period. Globally, the company's bare-metal stent sales dropped to $41 million in the 2009 third quarter, compared with $50 million in the 2008 third quarter—dropping almost equally in the U.S. and international markets.
Overall, the Natick, Mass-based company reported a net income of $200 million, compared with a net loss of $62 million in the year-ago 2008 third quarter. Its net income includes litigation-related credits, restructuring and restructuring-related costs and amortization expense of $91 million. However, Boston Scientific's 2008 losses included intangible asset impairment charges; acquisition-, divestiture-, and litigation-related net charges; restructuring and restructuring-related costs and amortization expense of $298 million, which adversely affected its bottom line.