Boston Scientific Swings to 2Q Loss, Posts Lower Sales

By Dave Sebastian

Boston Scientific Corp. said it swung to a loss for the second quarter, with sales falling 23.87%.

The Marlborough, Mass., maker of medical devices didn't immediately address specific Covid-19 effects in its earnings release Wednesday, though the second quarter has seen fewer doctor visits for elective care due to shelter-in-place measures.

The company posted net loss of $147 million, or 11 cents a share, compared with a profit of $154 million, or 11 cents a share, in the year-ago period.

Adjusted earnings were eight cents a share. Analysts polled by FactSet were expecting adjusted losses of three cents a share.

Sales fell to $2 billion from $2.63 billion in the prior year. Analysts were looking for $1.73 billion. Sales in all regions declined, with the U.S. falling 28.4% and Asia Pacific falling 14.8%. Sales in Europe, Middle East and Africa fell 27.2%, and those in emerging markets fell 19.7%.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

July 29, 2020 07:02 ET (11:02 GMT)

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