Interventional device developer Boston Scientific of Natick, MA, reported that it recorded strong sales revenue for its fiscal 2006 fourth quarter and year end.
For the period (end-December 31, 2006), the firm had net sales of $2.07 billion, a robust increase compared with $1.54 billion in revenues for the fourth quarter of fiscal 2005. The company's reported net income for the quarter was $277 million, a downturn compared with net income of $334 million for the fourth quarter of 2005.
For its fiscal year, Boston Scientific posted net sales of $7.8 billion, a strong showing compared with 2005 reported net sales of $6.3 billion. The firm recorded net losses for the year of $3.6 billion, compared with net income for the previous fiscal year of $628 million.
The steep increase in losses for the year was primarily due to the Guidant acquisition, the company said. After-tax charges for the period were $4.5 billion, including a $4.2 billion noncash charge for purchased in-process research and development costs related to Guidant acquisition; $312 million in charges related to the Guidant acquisition; and a $133 million credit associated with the reversal of tax accruals previously established for offshore unremitted earnings, according to Boston Scientific.
By AuntMinnie.com staff writers
February 1, 2007
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