Boston Scientific Second Quarter Results Exceed Consensus Sales and EPS; Full-Year Guidance Raised
NATICK, Mass., July 28, 2011 /PRNewswire/ --Boston Scientific Corporation (NYSE: BSX) today announces financial results for the second quarter ended June 30, 2011, as well as net sales and earnings per share (EPS) guidance for the third quarter and updated guidance for the full year 2011. The Company exceeded its EPS guidance range for the quarter and is raising EPS guidance for the remainder of the year.
Delivering strong execution of its POWER business strategy, the Company also announces the prepayment of the remaining $750 million of its term loan borrowings, which reduced its gross debt to $4.2 billion, consistent with the target capital structure, with no further debt maturities until 2014; a new $1.0 billion share repurchase program; and a productivity-enhancing restructuring program as anticipated during the Company’s Investor Day held in November 2010. Yesterday, the Company announced an additional $150 million investment in China to drive growth and increase market share through local manufacturing, physician training and an expanded commercial footprint.
Second quarter and other highlights:Achieved second quarter sales of $1.975 billion, at the higher end of the Company's previous guidance range, and reported GAAP earnings of $0.10 per share, a 66 percent increase over the second quarter of 2010, and adjusted EPS of $0.17, a 42 percent increase over the second quarter of 2010, both exceeding previous guidance
Received FDA approval and launched in the U.S. the ION™ Paclitaxel-Eluting Platinum Chromium Coronary Stent System, the Company’s third-generation drug-eluting stent (DES) technology, driving its U.S. DES market share to 50 percent and maintaining its worldwide DES market leadership at 36 percent
Launched the Company’s next-generation ENERGEN™ and