NATICK, Mass. (AP) — Medical device maker Boston Scientific Corp. said Friday it swung to a second-quarter profit as costs fell from the year-ago buyout of Guidant Corp.
The company earned $115 million, or 8 cents per share, in the three months ended June 30 compared with a loss of $4.26 billion, or $3.21 per share, during the same period a year prior.
Revenue fell to $2.07 billion from $2.11 billion a year ago.
Boston Scientific in June 2005 completed its acquisition of Salt Lake-based Rubicon Medical Corp.
Excluding special charges, such as the Guidant buyout and stock-based compensation, the company said it earned 18 cents per share during the quarter, compared with 31 cents per share a year prior. Analysts polled by Thomson Financial expected profit of 9 cents per share on revenue of $2.09 billion.
Its shares fell 38 cents, or 2.5 percent, to $14.79 Friday.