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
PUNCTUAT
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