Revenue up, profits down in Boston Scientific’s 3Q

Boston Scientific has reported a loss of 15 cents per share in the third quarter of 2015, for a total loss of $198 million. However, the company had a 9 percent increase in operational revenue on a constant currency basis.

The company annouced an increase in adjusted earnings per share from $0.20 in the third quarter of 2014 to $0.24 in the third quarter of 2015, but GAAP earnings fell after earning $0.03 per share in the same period last year. Boston Scientific said its loss on a GAAP basis was primarily due to litigation-related charges.

In addition, it had a 5 percent increase in its organic revenue, which excluded sales from divested businesses, changes in exchange rates and sales from acquisitions of Bayer AG’s interventional cardiology business and American Medical Systems’ male urology business.

On a constant currency basis, revenue increased 17 percent in its MedSurg division, 9 percent in its cardiovascular divisions and 2 percent in its rhythm management division compared with the third quarter of 2014.

During the third quarter, the FDA approved two of Boston Scientific’s devices: the Synergy bioabsorbable polymer drug-eluting stent system and the Innova vascular self-expanding stent system for patients with peripheral artery disease.

The company also announced a strategic alliance with Preventice Solutions to expand its remote monitoring business.

For the third quarter, Boston Scientific had $1.888 billion in revenue, including $508 million in interventional cardiology, $215 million in peripheral interventions, $451 in cardiac rhythm management and $57 million in electrophysiology.

Boston Scientific also updated its full-year guidance. For 2015, the company expects revenue of $7.47 to $7.51 billion compared with prior guidance of $7.275 billion to $7.375 billion and income on a GAAP basis from $0.02 to $0.05 per share compared with prior guidance of $0.28 to $0.34 per share.