Boston Scientific has posted a net loss of $1.58bn for the first quarter 2010, or $1.05 per diluted share, compared to $13m, or $0.01 per diluted share, for the prior year period. Operating loss was $1.48bn, compared to an operating income of $11m for the year ago period.
Boston Scientific estimates net sales for the second quarter of 2010 of between $1.825bn and $1.925bn. Adjusted earnings, excluding restructuring and restructuring-related costs and amortization expense, are estimated to range between $0.06 and $0.10 per share. Boston Scientific estimates results on a GAAP basis of between a loss of $0.03 and income of $0.02 per share.
Ray Elliott, president and CEO of Boston Scientific, said: “It was a challenging quarter including a settlement to resolve long-standing litigation, and the CRM ship hold and product removal actions. However, the return of Cognis and Teligen to the US market – coupled with exceptional cash flow and a strong cadence from our new product pipeline – were positive factors.”