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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.

Looking ahea...

said late Monday that worldwide sales of drug-coated heart stents declined about 26 percent in the first quarter to $468 million, as sales of the tiny mesh devices slowed due to safety concerns.Sales of drug-coated stents this quarter were a bit lower than expected due to "market dynamics," said Jim Tobin, the Natick, Mass.-based company's chief executive and president, in a press release late Monday.Net income for the quarter, which ended March 31, fell 64 percent to $120 million, or 8 cents a share, compared with $332 million, or 40 cents per share, the same period last year.

Wall Street analysts had expected the medical technology company to earn 10 cents a share in the first quarter.Studies have linked drug-coated stents - used to prop open clogged arteries, as the drugs prevent reclogging - to potentially fatal blood clots.

Sales were further damaged when researchers in March reported that drugs are as good as coated stents at prolonging lives and avoiding heart attacks.

The $5.4 billion dru...