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    Boston Scientific Corporation (BSX) Reports Q2 Results

    Boston Scientific Corporation (BSX) Reports Q2 Results

    Boston Scientific Corporation (NYSE: BSX) has reported its second-quarter financial results. The company reported second-quarter net sales of $1.928 billion, down from $2.074 billion reported for the same period last year.

    The company reported that it maintained a 38% market share in the global drug-eluting stent (DES) market. The second quarter also saw the launch of TAXUS® Element™ Paclitaxel-Eluting Coronary Stent System in the European Union (EU) and other CE mark countries.

    Boston Scientific also refinanced debt maturing in 2011 and ended the quarter with $1 billion in cash on hand. The second quarter also saw the company increase its global Endoscopy sales by 8%. The company also initiated the PLATINUM PLUS “all comers” clinical trial comparing the performance of its PROMUS® Element™ Everolimus-Eluting Coronary Stent System to the Xience Prime™ Everolimus-Eluting Coronary Stent System.

    Boston Scientific reported second-quarter net income of $98 million, or $0.06 per share. The results included goodwill impairment-related credit, restructuring charges and amortization expense. The company reported adjusted second-quarter net income of $190 million, or $0.12 per share. For the same period last year, the company had reported net income of $158 million, or $0.10 per share, while its adjusted net income stood a $297 million, or $0.20 per share.

    Commenting on the second-quarter financial results, Ray Elliott, President and CEO of Boston Scientific Corporation, said that he was proud of the way the company executed in a number of important areas during the quarter. Elliot said that the company finished the quarter ahead of expectations in CRM. He also said that the continued success of its PROMUS Element rollout in Europe was a strong example of outstanding execution by the company.

    For the third quarter, Boston Scientific Corporation expects net sales of $1.850-$1.925 billion. The company expects adjusted earnings of $0.10-$0.13 per share for the third quarter. Third-quarter GAAP earnings per share are expected to come in between $0.01 per share and $0.05 per share.

    For the full year, Boston Scientific has revised its sales estimates. The company now expects sales to come in between $7.6 billion and $7.9 billion.

    Shares of Boston Scientific Corporation are down in today’s trading. The stock touched a low of $5.82 today. At last check, it was down 3.67% to $6.04, with volume up from daily average of 21.37 million to 35.66 million. The stock has a 52-week range of $5.41-$11.77 and currently trades below its 50-day and 200-day moving averages.

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