Boston Scientific, a manufacturer of medical devices stated earlier today that write-downs and a hold on product shipments decreased its first-quarter earnings. Boston Scientific trades on the “New York Stock Exchange” under the Stock Symbol “BSX”. For More information regarding “BSX” or the Latest Stock Market Information, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Boston Scientific, (NYSE:BSX) a manufacturer of medical devices stated earlier today that write-downs and a hold on product shipments decreased its first-quarter earnings.
The company posted a net loss of $1.6 billion, or $1.05, compared with a net loss of $13 million or one cent per share for a year prior. Sales were $1.96 billion. Excluding one-time charges the company would have earned $251 million, or 16 cents per share, in the same period last year.
The company will take a $1.8 billion write-down tied to a loss in value of its heart-pacing device business, which it acquired with the 2006 buyout of Guidant. The company has struggled to balance its debt since making the $27 billion acquisition.
About Boston Scientific:
Boston Scientific Corporation develops, manufactures, and markets medical devices used in various interventional medical specialties worldwide. It offers cardiac rhythm management products, which monitor the heart and deliver electricity to treat cardiac abnormalities; and RF generators, intracardiac ultrasound and steerable ablation catheters, and diagnostic catheters for the diagnosis and treatment of cardiac arrhythmias. The company also provides interventional cardiology products, such as coronary stent systems, coronary revascularization products to treat patients with atherosclerosis and intraluminal catheter-directed ultrasound imaging catheters and systems; vascular access products, balloon catheters, stents and peripheral vascular catheters, wires, and accessories, as well as products for peripheral embolization procedures; and biliary stents, drainage catheters, and micro-puncture sets to treat, diagnose, and ease various forms of benign and malignant tumors. In addition, it offers coated and uncoated detachable coils, micro-delivery stents, micro-guidewires, micro-catheters, guiding catheters, and embolics to neuro-interventional radiologists and neurosurgeons to treat diseases of the neurovascular system; and endoscopy and interventional bronchoscopy products to diagnose and treat various digestive diseases, as well as pulmonary disease systems within the airway and lungs
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