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Press Release

Boston Scientific Announces Results For Third Quarter 2016

Boston Scientific
Posted on: 26 Oct 16

MARLBOROUGH, Mass., Oct. 26, 2016 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated sales of $2.105 billion during the third quarter ended September 30, 2016, compared to the company's guidance range for the quarter of $2.035 to $2.085 billion. This represents growth of 11 percent on a reported basis and 10 percent on an operational basis (calculated on a constant currency basis), all compared to the prior year period. The company reported GAAP earnings of $228 million, or $0.17 per share, compared to a loss of $(0.15) a year ago, and achieved adjusted earnings per share of $0.27 for the period, compared to $0.24 a year ago.

"Our differentiated products and services continue to make a meaningful impact for our customers and the patients they treat, as shown by very strong revenue growth in the third quarter and year to date," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "Our global team is delivering excellent performance across our various business units and geographies."

Third quarter financial results and recent developments:

Reported third quarter sales of $2.105 billion, representing an increase of 11 percent on a reported basis and 10 percent on an operational basis, all compared to the prior year period.

Grew organic revenue 9 percent in the third quarter over the prior year period. Organic revenue growth excludes the impact of changes in foreign currency exchange rates and sales from the acquisition of the American Medical Systems (AMS) male urology portfolio for the month of July.

Reported GAAP earnings of $0.17 per share compared to the company's guidance range of $0.13 to $0.15 per share. Achieved adjusted earnings per share of $0.27 compared to the guidance range of $0.25 to $0.27 per share.

Achieved third quarter revenue growth in all segments, all compared to the prior year period:

MedSurg: 15 percent (14 percent operational and 10 percent organic)

Cardiovascular: 13 percent (12 percent operational and organic)

Rhythm Management: 4 percent (3 percent operational and organic)

Delivered strong regional revenue growth, all compared to the prior year period:

U.S.: 11 percent (11 percent operational and 9 percent organic)

Europe: 6 percent (7 percent operational and 5 percent organic)

AMEA (Asia-Pacific, Middle East and Africa): 20 percent (12 percent operational and organic)

Emerging markets:* 10 percent (19 percent operational and organic)

Entered into a definitive agreement and commenced a cash tender offer to acquire EndoChoice Holdings, Inc. (NYSE: GI), which offers physicians a broad portfolio of products to treat gastrointestinal conditions, for approximately $210 million.

Launched the Resolution 360™ Hemoclip, designed to offer gastroenterologists greater control when performing hemostatic clipping, used in endoscopic procedures of the upper and lower gastrointestinal (GI) tract to stop and help prevent bleeding that occurs with conditions including peptic ulcers, polyps removed during a colonoscopy and diverticulosis of the colon.

Received U.S. Food and Drug Administration (FDA) approval for the EMBLEM™ MRI Subcutaneous Implantable Defibrillator (S-ICD) System, as well as magnetic resonance (MR) conditional labeling for all previously implanted EMBLEM S-ICD Systems. United Healthcare, the largest private healthcare insurer in the U.S., also now covers the EMBLEM S-ICD System for a subset of patients indicated for implantable cardioverter-defibrillator (ICD) therapy. As a result, an estimated 91 percent of the insured U.S. residents now has access through Medicare, Medicaid or their private health plan.

Received CE Mark for the LOTUS Edge™ Valve System**, the company's next-generation transcatheter aortic valve replacement (TAVR) technology.

Announced data from the MAJESTIC trial of the Eluvia™ Drug-Eluting Vascular Stent System*** demonstrating 92.5% freedom from total lesion revascularization (FTLR) at two years, at the annual meeting of the Cardiovascular and Interventional Radiology Society of Europe (CIRSE). Also at CIRSE, unveiled data from the All-Comer Registry for the Ranger Drug-Coated Balloon Catheter** confirming the benefit of an efficient-release drug coated balloon (DCB) in long lesions by achieving 91.9% FTLR rate at six months.

Made a $25 million strategic investment in VENITI Inc., a maker of stents for chronic venous insufficiency, which affects more than 20 million adults across the United States and Europe.

* We define Emerging Markets as including certain countries that we believe have strong growth potential based on their economic conditions, healthcare sectors and our global capabilities. Currently, we include 20 countries in our definition of Emerging Markets.
** The LOTUS Edge™ Valve System and Ranger™ Drug-Coated Balloon Catheter are not available for use or sale in the U.S.
*** In the U.S., the Eluvia™ Drug-Eluting Vascular Stent System is an investigational device, limited by federal law to investigational use only.

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Editor's Details

Mike Wood

Last updated on: 26/10/2016

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