Interventional device developer Boston Scientific of Natick, MA, reported that it recorded strong sales revenue for its fiscal 2006 second quarter.
For the period (end-June 30), the firm had net sales of $2.11 billion, a robust uptick compared with $1.62 billion in revenues for the second quarter of fiscal 2005. The firm said the increase was primarily attributable to the inclusion of net sales from Guidant for the period from April 21 (the acquisition date) to the end of the quarter, which approximated $474 million.
The company's reported net loss for the quarter was $4.26 billion, compared with net income of $205 million for the second quarter of 2005.
The steep increase in losses for the period was primarily due to the Guidant acquisition, the company said. After-tax charges for the period included $4.42 billion in purchase accounting adjustments, including a $4.18 billion noncash charge for purchased in-process research and development costs related to Guidant acquisition; $96 million in charges related to the Guidant acquisition; and $52 million in charges attributable to investment portfolio activity.
By AuntMinnie.com staff writers
July 27, 2006
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