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Boston Scientific makes loss after taking charge for tax changes

Adjusted fourth quarter earnings per share rose to US$0.34 from US$0.30 a year ago
Surgery
"We look forward to building on our momentum and continuing to make a meaningful difference for patients in 2018."

Medical devices maker Boston Scientific Corporation (NYSE:BSX) ended the year on a solid note, with 8.1% growth in revenues in the fourth quarter.

The company generated sales of US$2.41bn in the fourth quarter, up 9.9% year-on-year on a reported basis and 8.1% on an operational basis, which excludes the impact of foreign exchange fluctuations.

READ: Boston Scientific tops forecasts with third quarter sales

The company however reported a loss of US$615mln on a generally accepted accounting principles (GAAP) basis, primarily related to its estimate of a one-off net income tax charge resulting from the recent changes to US corporation tax.

Adjusted earnings per share rose to US$0.34 from US$0.30 a year ago.

The company estimates revenue for the current year will be in a range of US$9.65bn to US$9.80bn, up 7- 8% on a reported basis and roughly 5 - 6% on an organic basis, excluding the impact of changes in foreign currency exchange rates and contribution of around three-tenths of a percentage point from its Symetis acquisition.

The company estimates income on a GAAP basis in a range of US$0.93 to US$0.98 per share and adjusted earnings, excluding amortization expense, acquisition-related, and restructuring- and restructuring-related net credits or charges in a range of US$1.35 to US$1.39 per share.

"Our team delivered excellent fourth quarter and full year results, fueled by the strength of our diversified portfolio and global commercial execution," said Mike Mahoney, the chairman and chief executive officer, Boston Scientific.

Shares in Boston Scientific were down 1.7% at US$27.50 in pre-market trading.

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