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Boston Scientific Q1 Profit Declines On Charges; Guides Q2 - Update

... Total expenses rose to $1.236 billion from $749 million, with selling, general and administrative expenses surging to $735 million from $470 million, while research and development expenses rose to $289 million from $186 million.

Amortization expense soared to $155 million from $38 million.

Cash and cash equivalents as of March 31, 2007, stood at $1.340 billion, while they were $1.668 billion as of December 31, 2006.

Inventories for both periods were $793 million and $749 million, respectively.

According to Jim Tobin, President and Chief Executive Officer of Boston Scientific, "I am pleased we came in at the upper end of our ranges for sales and EPS for the quarter.

While drug-eluting stent sales were lower than we hoped due to market dynamics, our performance within the market remained strong, and we continue to expect market fundamentals to improve over time.

CRM sales were higher than anticipated, achieving double-digit sequential growth for the second consecutive quarter." For the fourth quarter, the company said net income dipped to $277 million or $0.19 per share from $334 million or $0.40 per share in the comparable quarter of 2005.

Adjusted net income plunged to $306 million or $0.20 per share from $373 million or $0.45 per share in the comparable period of 2005.

The company's net sales for the quarter jumped to $2.06 billion from $1.54 billion in the same period of 2005.

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