boston scientific corp (BSX) Key Developments
Boston Scientific to Face $5 Billion Court Battle over 2006 Acquisition
Nov 19 14
Boston Scientific will go to trial on November 20, 2014 facing a potential $5 billion lawsuit for a 2006 acquisition that is widely credited with causing years of headaches for the firm. The firm will appear in court before a federal judge in New York on November 20 to answer to a lawsuit by rival Johnson & Johnson. The New Jersey life sciences giant lost a bidding war nearly a decade ago to buy the pacemaker company Guidant. Boston Scientific paid $27 billion for that company in a deal that is often cited as the beginning of years of debt and resulting financial declines. While the company has been on a rebound for the past year, its growth has stalled as it faces lawsuits not only from J&J, but from patients implanted with a mesh device which many say has caused health problems in thousands of women.
Boston Scientific Corporation Announces Completion of the First U.S. Procedures Performed with the Symphion System, Designed for the Hysteroscopic Removal of Interuterine Fibroids and Polyps
Nov 17 14
Boston Scientific Corporation announced the completion of the first U.S. procedures performed with the Symphion System, designed for the hysteroscopic removal of interuterine fibroids and polyps. The all-in-one Symphion System combines a self-contained, recirculating fluid management system, direct intrauterine pressure monitoring and bladeless bipolar RF plasma resection to remove uterine tissue. Hysteroscopic removal of symptomatic fibroids and polyps is a minimally invasive surgical technique and intended to be less traumatic to the patient.
Boston Scientific Corporation Presents at Stifel Healthcare Conference 2014, Nov-18-2014 09:10 AM
Nov 5 14
Boston Scientific Corporation Presents at Stifel Healthcare Conference 2014, Nov-18-2014 09:10 AM. Venue: The Palace Hotel, 455 Madison Ave, New York, NY 10022, United States. Speakers: Daniel J. Brennan, Chief Financial Officer, Principal Accounting Officer and Executive Vice President, Susan Vissers Lisa, Vice President of Investor Relations.
Boston Scientific Corporation - Special Call
Nov 4 14
To provide an update on company interventional cardiology initiatives and discuss data from the EVOLVE II study, the pivotal trial designed to support SYNERGY Stent System approval by the FDA
Boston Scientific Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Intangible Asset Impairment Charges for the Third Quarter of 2014; Provides Earnings Guidance for the Fourth Quarter Ending December 31, 2014; Revises Earnings Guidance for the Full Year Ending December 31, 2014; Provides Impairment Guidance for the Full Year Ending December 31, 2014
Oct 22 14
Boston Scientific Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $1,846 million compared to $1,735 million a year ago. Operating income was $64 million compared to $103 million a year ago. Income before income taxes was $3 million compared to loss before income taxes of $40 million a year ago. Net income was $43 million compared to net loss of $5 million a year ago. Basic and diluted EPS was $0.03. Adjusted pre-tax income was $318 million compared to $263 million a year ago. Adjusted after tax income was $273 million or $0.20 per diluted share compared to $230 million or $0.17 per diluted share a year ago. Capital expenditures were $57 million in the third quarter of year 2014 compared to $56 million in third quarter of 2013. The company generated adjusted free cash flow of $330 million and operating cash flow of $346 million in the quarter. Adjusted free cash flow for the quarter was $330 million compared to $291 million in third quarter of last year.
For the nine months, the company reported net sales of $5,493 million compared to $5,305 million a year ago. Operating income was $191 million compared to operating loss of $6 million a year ago. Income before income taxes was $45 million compared to loss before income taxes of $282 million a year ago. Net income was $180 million compared to net loss of $229 million a year ago. Diluted EPS was $0.13 compared to basic and diluted LPS of $0.17 a year ago. Adjusted pre-tax income was $938 million compared to $804 million a year ago. Adjusted after tax income was $826 million or $0.61 per diluted share compared to $701 million or $0.51 per diluted share a year ago.
For the quarter, the company reported intangible asset impairment charges of $12 million.
For the fourth quarter ending December 31, 2014, the company expects GAAP per share results in the range from $0.09 to $0.11, adjusted results per share in the range from $0.20 to $0.22 and estimated amortization expense per share of $0.07. The company estimates sales for the fourth quarter of 2014 in a range of $1.875 billion to $1.925 billion.
For the full year ending December 31, 2014, the company expects GAAP per share results in the range from $0.22 to $0.24 and adjusted results per share in the range from $0.81 to $0.83 against prior expectation for GAAP per share results in the range from $0.28 to $0.32 and adjusted results per share in the range from $0.79 to $0.83. Estimated amortization expense per share is $0.28. The company now estimates revenue to be in a range of $7.370 billion to $7.420 billion compared to prior guidance of $7.325 billion to $7.425 billion, which represents growth in a range of 3% to 4% on a reported basis and approximately 5% on an operational basis. The company continues to expect full year 2014 adjusted free cash flow to be approximately $1.2 billion.
For the full year ending December 31, 2014, the company expects intangible asset impairment per share of $0.11.