Boston Scientific plans job cuts, 4Q tops St. view

Published on NewsOK Modified: January 29, 2013 at 5:08 pm •  Published: January 29, 2013
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Device makers argue that it would make it harder for companies to develop innovative new devices.

In the fourth quarter, Boston Scientific's net income shrank 44 percent to $60 million, or 4 cents per share, as it absorbed charges for restructuring and litigation. Not counting these charges, earnings were 18 cents per share. Revenue slipped 1 percent to $1.82 billion.

Analysts forecast, on average, earnings of 11 cents per share on $1.76 billion in revenue, according to FactSet.

For the year, Boston Scientific expects adjusted earnings of 64 to 70 cents per share on revenue of $7.05 billion to $7.35 billion. Wall Street predicted a profit of 43 cents per share on revenue of $7.11 billion.

Last year Boston Scientific reported a loss of $4.07 billion — or an adjusted profit of $933 million, or 66 cents per share — on revenue of $7.25 billion.

In the current quarter, Boston Scientific expects adjusted profit of 14 to 17 cents per share on revenue of $1.74 billion to $1.82 billion. Analysts expected profit of 10 cents per share on revenue of $1.79 billion.

The company's shares rose 24 cents, or 3.5 percent, to close at $7.10 Tuesday. The stock peaked earlier in the morning at a 52-week high of $7.43.