Boston Scientific sees sales increases in 1999

Interventional medical device manufacturer Boston Scientific reported healthy results for fourth quarter and fiscal 1999 (end-December). The Natick, MA, company posted net sales for the quarter of $717 million, flat with sales for the same period in 1998. Net income was $107 million, up from $71 million the previous year. For the year, the company saw a 27% increase in net sales, from $2.2 billion in 1998 to $2.8 billion in 1999. Net income for the year was $371 million. Excluding charges and credits related to the company’s acquisition activity, net income rose 39%, from 1998’s $262 million to $364 million.

Boston Scientific attributed its increased income in part to the completion of its acquisition of Schneider Worldwide, a division of Pfizer’s Medical Technology Group, which the company agreed to purchase in 1998 for $2.1 billion in cash (SCAN 6/24/98). Schneider operates out of Bulach, Switzerland, and manufactures stents and angioplasty devices and accessories. With Schneider under its corporate umbrella, Boston Scientific has gained access to high-growth areas of interventional medicine products, including rapid-exchange catheters and nylon balloon technology.