Boston Scientific Announces First Quarter Results

Apr 25, 2001, 01:00 ET from Boston Scientific Corporation

    NATICK, Mass., April 25 /PRNewswire/ -- Boston Scientific Corporation
 (NYSE:   BSX) today released financial results for its first quarter ended March
 31, 2001.
     Net sales for the first quarter of 2001, as previously announced at the
 Company's April 11 analyst meeting, were $654 million.  Without the adverse
 impact of $24 million due to foreign currency fluctuations, net sales in the
 first quarter totaled $678 million as compared to $679 million in the first
 quarter of 2000.  Net income for the first quarter, excluding special charges
 of $88 million, after tax, was $83 million, or $0.21 per share diluted.  This
 compares to net income of $106 million, or $0.26 per share diluted, in the
 first quarter of 2000.  The special charges in the first quarter are
 associated with the Company's global operations plan and purchased research
 and development related to the acquisitions of Embolic Protection, Inc.;
 Catheter Innovations, Inc.; and Quanam Medical Corporation.  The reported net
 loss for the first quarter, inclusive of the special charges, was $5 million,
 or $0.01 per share.
     "During the first quarter, most of our divisions experienced double-digit
 growth on a constant currency basis," said Jim Tobin, President and CEO of
 Boston Scientific Corporation.  "However, Scimed continued to feel the impact
 of the highly competitive coronary stent market.  We are pressing forward on
 our programs to return to higher sales growth overall through both internal
 development and targeted acquisitions.  We are also focusing intently on
 greater efficiency, reduced expenses, and improved profitability."
     Boston Scientific officials will be discussing these and other topics with
 analysts on a conference call at 5:30 p.m. ET, Wednesday, April 25, 2001.  The
 company will webcast the call to all interested parties through its website
 (www.bsci.com).  Please see the website for details on how to access the
 webcast.  The webcast will be available for seven business days on the Boston
 Scientific website.
     Boston Scientific is a worldwide developer, manufacturer and marketer of
 medical devices whose products are used in a broad range of interventional
 medical specialties.
 
     This press release contains forward-looking statements.  The company
 wishes to caution the reader that actual results may differ from those
 discussed in the forward-looking statements and may be adversely affected by,
 among other things, risks associated with competitive offerings, operational
 improvements, the company's overall business strategy, its relationship with
 third parties, and other factors described in the Company's filings with the
 Securities and Exchange Commission.
 
 
     BOSTON SCIENTIFIC CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     (Unaudited)
 
                                       Three Months Ended    Three Months Ended
                                          March 31, 2001         March 31,2000
 
 
     In millions, except share and per share data
 
 
                                     Reported  Adjustments  Adjusted  Reported
 
     Net sales                           $654                   $654      $679
     Cost of products sold                222         ($13)      209       213
     Gross profit                         432           13       445       466
 
     Selling, general and administrative
      expenses                            225                    225       214
     Amortization expense                  23                     23        23
     Royalties                              9                      9        11
     Research and development expenses     56                     56        49
     Purchased research and development    79          (79)
                                          392          (79)      313       297
     Operating income                      40           92       132       169
 
     Other income (expense):
     Interest expense                     (14)                   (14)      (21)
     Other, net                             1                      1         8
 
     Income before income taxes            27           92       119       156
     Income taxes                          32            4        36        50
 
     Net income (loss)                    ($5)         $88       $83      $106
 
 
     Net income (loss) per common share -
      assuming dilution                ($0.01)                 $0.21     $0.26
 
     Weighted average shares outstanding -
      assuming dilution
      (in thousands)                  399,186                403,556   411,357
 
 
 
     BOSTON SCIENTIFIC CORPORATION
     CONDENSED CONSOLIDATED BALANCE SHEETS
     (Unaudited)
                                                     March 31,     December 31,
     In millions                                       2001           2000
 
     Assets
     Current assets:
        Cash and short-term investments                 $84            $60
        Trade accounts receivable, net                  370            361
        Inventories                                     361            354
        Other current assets                            246            217
              Total current assets                    1,061            992
 
     Property, plant and equipment, net                 565            567
     Intangibles, net                                 1,689          1,671
     Other assets                                       210            197
                                                     $3,525         $3,427
 
     Liabilities and Stockholders' Equity
     Current liabilities:
        Borrowings due within one year                 $340           $260
        Accounts payable and accrued
         expenses                                       420            419
        Other current liabilities                       139            140
              Total current liabilities                 899            819
 
     Long-term debt                                     568            574
     Other long-term liabilities                         97             99
 
     Stockholders' equity                             1,961          1,935
                                                     $3,525         $3,427
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66666112
 
 

SOURCE Boston Scientific Corporation
    NATICK, Mass., April 25 /PRNewswire/ -- Boston Scientific Corporation
 (NYSE:   BSX) today released financial results for its first quarter ended March
 31, 2001.
     Net sales for the first quarter of 2001, as previously announced at the
 Company's April 11 analyst meeting, were $654 million.  Without the adverse
 impact of $24 million due to foreign currency fluctuations, net sales in the
 first quarter totaled $678 million as compared to $679 million in the first
 quarter of 2000.  Net income for the first quarter, excluding special charges
 of $88 million, after tax, was $83 million, or $0.21 per share diluted.  This
 compares to net income of $106 million, or $0.26 per share diluted, in the
 first quarter of 2000.  The special charges in the first quarter are
 associated with the Company's global operations plan and purchased research
 and development related to the acquisitions of Embolic Protection, Inc.;
 Catheter Innovations, Inc.; and Quanam Medical Corporation.  The reported net
 loss for the first quarter, inclusive of the special charges, was $5 million,
 or $0.01 per share.
     "During the first quarter, most of our divisions experienced double-digit
 growth on a constant currency basis," said Jim Tobin, President and CEO of
 Boston Scientific Corporation.  "However, Scimed continued to feel the impact
 of the highly competitive coronary stent market.  We are pressing forward on
 our programs to return to higher sales growth overall through both internal
 development and targeted acquisitions.  We are also focusing intently on
 greater efficiency, reduced expenses, and improved profitability."
     Boston Scientific officials will be discussing these and other topics with
 analysts on a conference call at 5:30 p.m. ET, Wednesday, April 25, 2001.  The
 company will webcast the call to all interested parties through its website
 (www.bsci.com).  Please see the website for details on how to access the
 webcast.  The webcast will be available for seven business days on the Boston
 Scientific website.
     Boston Scientific is a worldwide developer, manufacturer and marketer of
 medical devices whose products are used in a broad range of interventional
 medical specialties.
 
     This press release contains forward-looking statements.  The company
 wishes to caution the reader that actual results may differ from those
 discussed in the forward-looking statements and may be adversely affected by,
 among other things, risks associated with competitive offerings, operational
 improvements, the company's overall business strategy, its relationship with
 third parties, and other factors described in the Company's filings with the
 Securities and Exchange Commission.
 
 
     BOSTON SCIENTIFIC CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     (Unaudited)
 
                                       Three Months Ended    Three Months Ended
                                          March 31, 2001         March 31,2000
 
 
     In millions, except share and per share data
 
 
                                     Reported  Adjustments  Adjusted  Reported
 
     Net sales                           $654                   $654      $679
     Cost of products sold                222         ($13)      209       213
     Gross profit                         432           13       445       466
 
     Selling, general and administrative
      expenses                            225                    225       214
     Amortization expense                  23                     23        23
     Royalties                              9                      9        11
     Research and development expenses     56                     56        49
     Purchased research and development    79          (79)
                                          392          (79)      313       297
     Operating income                      40           92       132       169
 
     Other income (expense):
     Interest expense                     (14)                   (14)      (21)
     Other, net                             1                      1         8
 
     Income before income taxes            27           92       119       156
     Income taxes                          32            4        36        50
 
     Net income (loss)                    ($5)         $88       $83      $106
 
 
     Net income (loss) per common share -
      assuming dilution                ($0.01)                 $0.21     $0.26
 
     Weighted average shares outstanding -
      assuming dilution
      (in thousands)                  399,186                403,556   411,357
 
 
 
     BOSTON SCIENTIFIC CORPORATION
     CONDENSED CONSOLIDATED BALANCE SHEETS
     (Unaudited)
                                                     March 31,     December 31,
     In millions                                       2001           2000
 
     Assets
     Current assets:
        Cash and short-term investments                 $84            $60
        Trade accounts receivable, net                  370            361
        Inventories                                     361            354
        Other current assets                            246            217
              Total current assets                    1,061            992
 
     Property, plant and equipment, net                 565            567
     Intangibles, net                                 1,689          1,671
     Other assets                                       210            197
                                                     $3,525         $3,427
 
     Liabilities and Stockholders' Equity
     Current liabilities:
        Borrowings due within one year                 $340           $260
        Accounts payable and accrued
         expenses                                       420            419
        Other current liabilities                       139            140
              Total current liabilities                 899            819
 
     Long-term debt                                     568            574
     Other long-term liabilities                         97             99
 
     Stockholders' equity                             1,961          1,935
                                                     $3,525         $3,427
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66666112
 
 SOURCE  Boston Scientific Corporation