WASHINGTON (dpa-AFX) - Boston Scientific Corp. (BSX), a manufacturer of interventional medical devices such as stents and pacemakers, Thursday reported second-quarter net earnings that declined despite higher revenues, due mainly to litigation-related charges and higher operating expenses.
For the three months to June, net earnings plunged to $4 million or $0.00 per share, from $130 million or $0.10 per share a year earlier.
Excluding certain items, earnings totaled $285 million, or $0.21 per share, compared with $247 million, or $0.18 per share a year earlier.
On average, twenty-two analysts polled by Thomson-Reuters estimated the company's earnings to be $0.19 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales increased by 4 percent to $1.87 billion, from $1.81 billion last year, in with the $1.87 billion Wall Street expected.
Prior-year sales have been restated to reflect the realignment of certain product lines from Endoscopy to Peripheral Interventions as of January 1, 2014.
Looking ahead, the company slashed its earnings guidance to $0.28 to $0.32 per share from $0.36 to $0.46 previously projected. But it raised the adjusted earnings guidance to $0.79 to $0.83 per share from $0.77 to $0.82 previously projected.
In addition, Boston Scientific narrowed its annual revenue guidance to $7.325 to $7.425 billion from the previously projected $7.300 to $7.500 billion.
For the third quarter. the company expects earnings of $0.08 to$0.10 per share, and adjusted earnings of $0.18 to$0.20 per share, on revenues of $1.790 to $1.840 billion.
Analysts are expecting annual earnings of $0.80 on revenues of $7.39 billion. For the third quarter, analysts estimate earnings to be $0.19 on revenues of $1.83 billion.
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