Boston Scientific reports second-quarter profit

Boston Scientific today reported a second-quarter profit, reversing a year-earlier loss, and said that while sales fell slightly, demand for medical surgical devices improved and declines slowed for its large cardiology business.

The medical equipment maker posted net income of $130 million, or 10 cents a share, compared with a year-earlier loss of $3.6 billion, or $2.51 a share. Revenue fell 1 per cent to $1.81 billion.

Sales in the neuromodulation division, which includes implantable therapies to manage pain, rose 21 per cent.

Excluding asset impairment charges, acquisition-related items, restructuring charges and amortization expense, Boston Scientific said it had adjusted earnings of 18 cents per share.

It said it expects earnings on that basis of 14 cents to 16 cents per share in the third quarter and sales of $1.7 to $1.76 billion.

For the year, it anticipates adjusted earnings of 67 cents to 71 cents per share and a net loss of 1 cent to 7 cents per share.