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news.Boston Scientific, a developer and marketer of medical devices, has reported a net loss of $13 million, or $0.01 per diluted share, for the first quarter of 2009, compared to a net income of $322 million, or $0.21 per diluted share, for the same period of 2008.
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Net sales for the first quarter of 2009 were $2.01 billion, which included sales from divested businesses of $4 million, as compared to net sales of $2.05 billion for the first quarter of 2008, which included sales from divested businesses of $32 million. 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.”