Boston Scis Q1 income jumps, while sales dip 3%
On a generally accepted accounting principles (GAAP) basis, the net income for the first quarter of 2012 was $113 million, the Natick, Mass.-based company said.
These results included acquisition- and divestiture-related expenses, restructuring-related charges and amortization expense, of $107 million. On a GAAP basis, the net income for the first quarter of 2011 was $46 million. The reported results included a goodwill impairment charge, acquisition- and divestiture-related net credits, restructuring-related charges, discrete tax items and amortization expense, of $290 million.
Sales for the first quarter of 2012 were $1.87 billion, compared with sales of $1.93 billion for the first quarter of 2011, a decrease of 3 percent, according to Boston Scientific.
For the 2012 first quarter compared with the previous year’s first quarter, its interventional cardiology unit saw a 5 percent decline to $603 million; its cardiac rhythm management business saw the largest drop of 10 percent to $501 million. However, its peripheral interventions and electrophysiology units experienced increase in revenues—8 percent and 1 percent, respectively.
For the drug-eluting stent market, the company said it is maintaining a worldwide share of 34 percent and a U.S. share of 46 percent.
While its international sales remained relatively flat, the U.S. sales for Boston Scientific across all its units dropped 4 percent.