Boston Scientific reports 25 pct fall in 3Q profit

[October 20, 2011]  NATICK, Mass. (AP) -- Medical device maker Boston Scientific Corp. says its third-quarter profit fell 25 percent on a combination of lower product sales and thinner profit margins.

The company reports third quarter net income of $142 million, or 9 cents per share. That's down from $190 million, or 12 cents per share, in the same period last year.

Revenue fell from $1.92 billion to $1.87 billion, mainly because of falling demand for implantable heart defibrillators. Sales of the devices fell from $550 million to $503 million in the most recent the period. Boston Scientific has struggled to make up for falling sales of key products.

Excluding one-time costs, the company would have earned $223 million, or 15 cents per share. Analysts polled by FactSet expected 9 cents on revenue of $1.91 billion.

[Associated Press]

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