| |
leisure properties for sale overseas
News and Information Article
NATICK, Mass., Sept. 21 /-FirstCall/ -- Boston Scientific
Corporation (NYSE: BSX) today announced preliminary net sales and earnings
for its third quarter ending September 30, 2006.
Preliminary net sales for the quarter are estimated to range between
$1.970 billion and $2.035 billion. Preliminary net income for the third
quarter of 2006, excluding charges primarily related to the Guidant
acquisition of approximately $70 million (after-tax), is estimated to range
between $90 million and $145 million. Preliminary adjusted net income (GAAP
net income excluding acquisition-related charges, amortization of purchased
intangibles, and stock compensation expense) is estimated to range between
$230 million and $290 million. Operating cash flow for the quarter is
estimated to range between $325 million and $375 million.
Preliminary worldwide sales of our cardiac rhythm management (CRM)
business are estimated to range between $420 million and $450 million, of
which between $210 million and $230 million are estimated to be U.S.
implantable cardioverter defibrillator (ICD) sales. During the quarter we
believe the overall CRM market experienced some contraction, which is
reflected in our results.
Preliminary worldwide sales of our TAXUS(R) paclitaxel-eluting coronary
stent systems are estimated to range between $550 million and $580 million,
of which between $370 million and $380 million are estimated to be in the
U.S. During the quarter we have seen some slowdown in the growth in
penetration of drug-eluting stents outside the U.S., and some retrenchment
in the U.S. drug- eluting stent market. However, we believe our U.S. market
share remains stable.
Preliminary earnings per share on a GAAP basis are estimated to range
between $0.01 and $0.05, and excluding acquisition-related charges, between
$0.06 and $0.10 per share. Preliminary adjusted earnings per share are
estimated to range between $0.15 and $0.19 per share.
"While the third quarter was challenging, we made progress on a number
of fronts, most notably the integration of Guidant and our quality
initiatives," said Jim Tobin, President and Chief Executive Officer of
Boston Scientific. "We continue to focus on our strategy of growth and
diversification, and we are excited about the many growth opportunities
that exist."
Boston Scientific will announce its final results for the third quarter
on a conference call to be held on October 18. The Company also plans to
provide an updated review of its business and outlook for 2007 at its
analyst meeting in Boston on November 6.
Boston Scientific is a worldwide developer, manufacturer and marketer
of medical devices whose products are used in a broad range of
interventional medical specialties. For more information, please visit:
http://www.bostonscientific.com.
This press release contains forward-looking statements. The Company
wishes to caution the reader of this press release that actual results may
differ from those discussed in the forward-looking statements and may be
adversely affected by, among other things, risks associated with new
product development and introduction, clinical trials, regulatory
approvals, competitive offerings, intellectual property, litigation,
integration of acquired companies, the Companys overall business strategy,
and other factors described in the Companys filings with the Securities
and Exchange Commission.
Non-GAAP Measures
The Company discloses non-GAAP measures that exclude certain charges.
These supplemental measures exclude the impact of certain charges such as
purchase accounting adjustments, costs associated with acquisitions and
investment portfolio activity that are highly variable and difficult to
predict. The Companys non-GAAP adjusted net income also excludes
stock-based compensation expense that the Company started recording under
FAS 123(R) in the first quarter of 2006. Management uses these supplemental
measures to evaluate performance period over period, to analyze the
underlying trends in the Companys business and to establish operational
goals and forecasts that are used in allocating resources. Since management
finds these measures to be useful, the Company believes that its investors
benefit from seeing the Companys results through the eyes of management in
addition to seeing its GAAP results.
The Company recognizes that these charges can have a material impact on
the Companys cash flows and net income. Although the Company believes it
is useful for investors to see its core performance free of certain
charges, investors should understand that the excluded items are actual
expenses that impact the cash available to the Company for other uses. To
gain a complete picture of the Companys performance, management does (and
investors should) rely upon the GAAP income statement. The non-GAAP numbers
focus instead upon the core business of the Company, which is only a
subset, albeit a critical one, of the Companys performance.
Readers are therefore reminded that non-GAAP numbers are merely a
supplement to, and not a replacement for, GAAP financial measures. It
should be noted as well that the Companys non-GAAP information may be
different from the non-GAAP information provided by other companies.
CONTACT: Milan Kofol
508-650-8569 (Office)
617-834-8595 (Mobile)
Investor Relations
Boston Scientific Corporation
Paul Donovan
508-650-8541 (Office)
508-667-5165 (Mobile)
Media Relations
Boston Scientific Corporation
| |
|
|
 |
leisure properties for sale overseas |
|
|
|
|
|
|
|
|
|
Locations
