Boston Scientific announces second-quarter financials

Boston Scientific has announced its financial results for the second quarter of the 2008 financial year and has updated its guidance for net sales and earnings for the third quarter.

The company reported net sales of $2.024 billion (1.011 billion pounds) for the quarter, with a ten per cent increase in cardiac rhythm management sales and 12 per cent growth in endosurgery sales.

Reported adjusted earnings per share rose 25 per cent over the same period last year, reaching $0.20, while the company also paid down $300 million of debt.

In the third quarter of 2008, Boston Scientific estimates net sales of between $1.95 billion and $2.06 billion.

Jim Tobin, president and chief executive officer of the company, said: “We were pleased with the quarter, especially with our expense management and working capital initiatives, which resulted in excellent earnings leverage and improved cash flow.”

He added that the performance of the cardiac rhythm management group was especially impressive, while the endosurgery and neruomodulation groups also reported double-digit revenue increases.

Last month, Boston Scientific announced a definitive agreement to sell its non-strategic investments as part of plans to boost shareholder value and better focus its efforts on its core businesses.