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Boston Scientific Announces Results for Fourth Quarter and Year Ended December 31, 2003 |
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NATICK, Mass., Feb. 2 -- Boston Scientific Corporation (NYSE: BSX - News) today announced financial results for the fourth quarter and for the year ended December 31, 2003. The results reported today are consistent with the preliminary results reported on January 13. Fourth quarter 2003 Net sales for the fourth quarter of 2003 were $939 million as compared to $814 million for the fourth quarter of 2002, an increase of 15 percent. Excluding the favorable impact of $57 million of foreign currency fluctuations, net sales were $882 million. Net income for the quarter, excluding net special charges, was $141 million, or $0.17 per share (diluted), as compared to $130 million, excluding net special charges, or $0.15 per share in the fourth quarter of 2002. Reported net income for the quarter, including net special charges of $4 million, was $137 million, or $0.16 per share, as compared to reported net income of $105 million, or $0.12 per share, in the fourth quarter of 2002. (The earnings per share figures reported in this press release reflect the Company's two-for-one common stock split that became effective in November of 2003.) Year-end 2003 Net sales for the year ended December 31, 2003 were $3.476 billion as compared to $2.919 billion in 2002, an increase of 19 percent. Excluding the favorable impact of $162 million of foreign currency fluctuations, net sales were $3.314 billion. Net income for the year, excluding net special charges, increased 26 percent to $521 million, or $0.62 per share, as compared to $413 million, excluding net special charges, or $0.50 per share for the year ended December 31, 2002. Reported net income for the year, including net special charges of $49 million, was $472 million or $0.56 per share, as compared to reported net income of $373 million or $0.45 per share for the prior year. "We further strengthened our market leadership position in drug-eluting stents in Europe and other international markets during the fourth quarter," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "Our impressive performance in these markets gives us further confidence as we prepare to launch our TAXUS™ paclitaxel-eluting stent system in the United States later this quarter." Boston Scientific officials will be discussing these and other issues with analysts on a conference call at 9:00 a.m. (ET) on Monday, February 2. The Company will webcast the call to all interested parties through its website www.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for 10 business days on the Boston Scientific website. The Company plans to hold an analyst meeting in New York on February 23. The Company will webcast the meeting to all interested parties through its website: www.bostonscientific.com. 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: www.bostonscientific.com. The Company discloses non-GAAP or pro forma financial information that excludes certain items. Non-GAAP financial information may exclude such items as charges related to purchased in-process research and development and certain litigation. Management uses this financial information to establish operational goals, and believes that non-GAAP financial information may assist investors in analyzing the underlying trends in the Company's business over time. Investors should consider this non-GAAP financial information in addition to, not as a substitute for, or as superior to, financial information prepared in accordance with GAAP. 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, operational improvements, the Company's overall business strategy, and other factors described in the Company's filings with the Securities and Exchange Commission.
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