Shrinking stent sales hurt Boston Scientific
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| Decreased DES sales lend to Boston Scientific’s overall profit loss. Source: MSNBC |
The company reported its net income for the second quarter of 2007 was $115 million, compared to the second quarter of 2007, included acquisition-related charges and amortization expense (after-tax) of $127 million.
The Natick, Mass.-based company said that net sales for the second quarter of 2008 were $2.024 billion, including sales from divested businesses of $19 million and a reduction of $22 million in revenue as a result of recording an increase in our sales return reserve in anticipation of its new drug-eluting stent (DES) platforms, compared to sales of $2.071 billion for the second quarter of 2007, including sales from divested businesses of $139 million.
Boston Scientific said its worldwide sales of DES systems for the second quarter of 2008 were $382 million, as compared to $437 million for the second quarter of 2007. The U.S. sales of DES were $175 million, compared to $249 million. International sales of DES were $207 million, compared to $188 million. Worldwide sales of DES were $440 million for the second quarter of 2008, compared to $498 million for the second quarter of 2007.
Worldwide sales of the company's cardiac rhythm management (CRM) products for the second quarter of 2008 were $578 million, which included $420 million of implantable cardioverter defibrillator (ICD) sales, compared to worldwide CRM sales of $524 million for the second quarter of 2007, which included $377 million of ICD sales, according to Boston Scientific. The U.S. CRM product sales were $364 million, which included $276 million of ICD sales, compared to $332 million, which included $253 million of ICD sales.
To combat anticipated loses, Boston Scientific sold off a portion of its investment portfolio in June. In the first quarter, the company posted profits were gained through shedding some of its business lines and its plans to cut 2,300 jobs, or 8 percent of its workforce.