Boston Sci narrows losses in FY09, Q4

Boston Scientific has financial results for the fourth quarter and full year, which ended Dec. 31, 2009, indicating a reduction in net losses for both.

The company declared a net loss of $1.08 billion in the fourth quarter of 2009, compared with a net loss of $2.39 billion in the previous-year quarter. Similarly, in the 2009 fiscal year, Boston Scientific posted a net loss of $1.03 billion, as compared a net loss of $2.04 billion in 2008.

For both the fourth quarter and the fiscal year, the company benefited from increased sales. In the 2009 fourth quarter, the company recorded net sales of $2.08 billion, compared $2 billion in the year-over-year quarter. Also, in 2009, the medical device maker saw sales $8.19 billion, compared with $8.05 billion in 2008.

The company’s cardiac rhythm management (CRM) group experienced sales gains for both the year and the quarter. Its worldwide CRM sales for the 2009 fourth quarter jumped to $645 million from $608 million in the 2008 fourth quarter. However, this group was most bolstered by sales of its ICD and pacemaker systems, as its electrophysiology (EP) devices only gained $1 million in quarter-over-quarter profits. Also, all segments gained sales ground both internationally and within the U.S.

For its 2009 CRM group sales, the company posted profits $2.56 billion, compared with $2.44 billion in 2008. Once again, its ICD and pacemaker sales outpaced the EP device sales. EP devices actually remained flat for the year in the U.S., and lost $4 million internationally in the year-over-year comparison.

The company reported its worldwide coronary stent system net sales for the fourth quarter dropped from $476 million in 2008 to $453 million in the 2009 fourth quarter. Boston Scientific lost ground for its U.S. stent sales, both drug-eluting and bare-metal, but made slight profits internationally—$1 million in bare-metal stents (BMS) and $8 million in drug-eluting stents (DES) in quarter-over-quarter profits.

For its 2009 stent sales, the company made a profit compared to 2008—$1.88 billion versus $1.85 billion. Though international sales dipped for 2008 for both DES and BMS, the device maker said its strong DES sales in the U.S. kept the segment afloat, even as its U.S. BMS sales dropped by $31 million in the year-over-year records.

The Natick, Mass-based company estimated that its net sales for the first quarter of 2010 would be between $2 billion and $2.1 billion.

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