Boston Scientific reports Q1 net loss of $13m

Boston Scientific, a developer and marketer of medical devices, has reported a net loss of $13m, or $0.01 per diluted share, for the first quarter of 2009, compared to a net income of $322m, or $0.21 per diluted share, for the same period of 2008.

Net sales for the first quarter of 2009 were $2.01 billion, which included sales from divested businesses of $4m, as compared to net sales of $2.05 billion for the first quarter of 2008, which included sales from divested businesses of $32m. Excluding the impact of foreign currency and sales from divested businesses, net sales increased 4% over the prior year.

Jim Tobin, president and CEO of Boston Scientific, said: We’re off to a good start on the year with 4% sales growth, excluding divestitures, on a constant currency basis and adjusted earnings per share at the high end of our guidance range.

Our CRM and DES results were particularly impressive, with double-digit US growth in both businesses. We also saw continued solid performances by our endoscopy, urology/gynecology and neuromodulation businesses. We further reduced risk by settling additional litigation, pre-paying debt, amending our credit facility, and maintaining financial discipline and strong cash flow.