Boston Scientific announces first quarter results

Boston Scientific has announced its results for the first quarter of the financial year ended March 31st 2008 and has also issued guidance for net sales and earnings per share for the next quarter.

Net sales including sales from divested businesses for the first quarter were $2.046 billion (1.03 billion pounds), down from $2.086 billion in the same quarter last year.

Worldwide sales of the company’s drug-eluting stent systems dropped from $468 million to $428 million.

Reported net income for the first quarter of the year rose to $322 million, equal to $0.21 per share, up from $120 million, or $0.08 per share, last year.

Jim Tobin, president and chief executive officer of Boston Scientific, said: “We continued to make good progress during the quarter, particularly in our efforts to bring expenses in line with revenues.”

“Our earnings benefited from our ongoing expense management and were also helped by favourable tax items.”

He added that the company held its leadership position in the drug-eluting stent market despite the emergence of a third competitor in the US,while its six cardiac rhythm management product approvals were exciting news for the firm.

Earlier this month, Boston Scientific announced the appointment of Timothy Pratt to its executive committee as general counsel.