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Boston Scientific 2nd-quarter results top estimates, but shares slip as company tweaks outlook

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MARLBOROUGH, Massachusetts — Shares of Boston Scientific fell Thursday after the medical device maker reported solid results in the second quarter but gave a more mixed view for the rest of 2015.

Boston Scientific Corp. said sales of heart rhythm devices slumped compared to last year while sales of medical and surgical equipment improved.

Its net income climbed to $102 million, or 8 cents per share. Excluding one-time gains and costs, the company said it earned 22 cents per share in the latest quarter. A year ago it reported a smaller profit of $4 million after it took big charges related to litigation and amortization.

Its revenue fell 2 percent to $1.84 billion.

Analysts expected a profit of 21 cents per share and $1.83 billion in revenue, according to Zacks Investment Research.

While Boston Scientific maintained its adjusted profit forecast for the year and raised the lower end of its revenue guidance, the company said it expects bigger one-time costs. The company made a similar announcement in April. Boston Scientific now projects a profit of 28 to 34 cents per share, down from 32 to 38 cents per share. Excluding charges related to litigation, asset impairment, purchases and sales, restructuring, debt retirement and other items, it's still calling for a profit of 88 to 92 cents per share.

The company expects $7.28 billion to $7.38 billion in revenue, up from $7.23 billion to $7.38 billion.

The Marlborough, Massachusetts-based company's shares lost 2.3 percent to $17.61 on Thursday. The stock has risen 33 percent in 2015 and in late May it reached its highest price in more than eight years.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BSX at http://www.zacks.com/ap/BSX

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Keywords: Boston Scientific, Earnings Report

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