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Cost Cuts Put Boston Scientific Back in the BlackCost Cuts Put Boston Scientific Back in the Black
Boston Scientific showed a profit in the first quarter after two consecutive quarters of losses, reports the Associated Press. But sales of its two main product lines, stents and implantable cardioverter-defibrillators, have continued to be sluggish. The main reason for the profit: cost cutting. In the last half-year, the firm has shed 2300 jobs and sold off some of its businesses. Fruits from those moves are now starting to show up on the bottom line.
April 22, 2008
1 Min Read
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Analysts remain concerned that the firm's "fundamentals remain depressed," however. The company earned $322 million in the first quarter, compared to a profit of $120 million the same period a year ago. Quarterly sales were $2.05 billion, down from $2.09 billion in the first quarter of 2007.
In other earnings news, Kinetic Concepts Inc. saw a 27% jump in profit, thanks to strong overseas sales and the weak dollar. The firm earned $68 million in the first quarter, up from $53.6 million the same period a year ago. Sales rose 14%, from $368.8 million to $420 million.
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