Boston Scientific reported a second quarter net loss of $3.4 billion, with declines in sales in its interventional cardiology and cardiac rhythm management businesses.
Second quarter sales for 2012 totaled $1.83 billion, compared with sales of $1.98 billion for the same quarter in 2011, for a decrease of 7 percent on a reported basis.
Interventional cardiology sales declined 16 percent on a reported basis, from $652 million in the second quarter of 2011 to $549 million for the second quarter of 2012. Drug-eluting stent worldwide sales garnered $318 million for an estimated market share of 31 percent, according to the company.
Cardiac rhythm management sales fell from $544 million in the second quarter of 2011 to $488 million for the same period of 2012, for a loss of 10 percent on a reported basis. Worldwide implantable cardioverter-defibrillator revenues totaled $355 million, for an estimated market share of 22 percent on a sequential basis.
The endoscopy and peripheral interventions businesses each reported gains of 4 percent on a reported basis, while electrophysiology sales remained relatively unchanged.
The company reported on a generally accepted accounting principles (GAAP) basis a net loss of $3.4 billion for the second quarter of 2012 compared with a net gain of $146 million the same quarter of 2011. These results included goodwill and other intangible asset impairment charges, acquisition-related net credits, divestiture-, restructuring- and litigation-related charges and amortization expense, of $3.64 billion.
Boston Scientific said that the GAAP loss was lower than previous guidance due primarily to the impact of the goodwill impairment charge associated with the company's Europe, Middle East and Africa reporting unit.
The company estimated sales for the full year 2012 in a range of $7.2 billion to $7.4 billion.
The Natick Mass,-based Boston Scientific released its results July 26 for the second quarter period, which ended June 30.