Shares of Boston Scientific Corp. moved higher late Wednesday after the medical device maker said it swung to a profit in the third quarter despite lower sales of its flagship Taxus drug-coated coronary stent and its implantable defibrillators. After the closing bell, Boston Scientific (BSX) reported net income of $76 million or 5 cents a share. In the same period last year, the medical device maker lost $269 million, or 33 cents a share, on revenue of $1.51 billion. Excluding various charges, such as those associated with the acquisition of Guidant Corp., the medical device maker would have reported adjusted earnings per share of 20 cents.
Coronary stents are small mesh tubes inserted into arteries after such procedures as angioplasty to keep them propped open. Often the stents are coated with a drug to discourage the formation of scar tissue in the artery. However, drug-coated stents have come under greater scrutiny by doctors recently amid reports that they can encourage the development of blood clots in certain patients.
Medical device sales have been under considerable pressure in recent months following several high-profile recalls of Guidant products and an unexpected slow-down in the general market. (NASDAQ)
