Boston Scientific Sees 1Q Revenue Shortfall Due to Pandemic
April 02 2020 - 7:21AM
Dow Jones News
By Colin Kellaher
Boston Scientific Corp. on Thursday said its first-quarter
revenue will fall well short of expectations due to a decline in
procedural volumes sparked by the coronavirus pandemic.
The Marlborough, Mass., maker of medical devices said it expects
to report roughly flat revenue for the quarter and a decline of
about 2% to 3% on an organic basis.
Boston Scientific in February had forecast revenue growth of 10%
to 12% for the quarter, with organic revenue up 5% to 7%.
Boston Scientific said business trends through the first two
months of the year were in line with expectations, but it said
procedural volumes fell significantly as the coronavirus outbreak
reached a global pandemic level in March.
Boston Scientific said it is moving to reduce costs based on the
assumption that the second-quarter impact of the pandemic will be
more significant than the first quarter.
The company said it is adjusting manufacturing output,
significantly cutting executive pay temporarily reducing work-week
schedules for employees.
Boston Scientific said it plans to report its first-quarter
earnings on April 29.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 02, 2020 07:06 ET (11:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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