Boston Sci Sets 2Q Sales Targets For Stents, ICDs
April 21 2009 - 10:20AM
Dow Jones News
Boston Scientific Corp. (BSX) issued on Tuesday second-quarter
sales guidance for drug-coated stents that indicates improved
world-wide sales from a year ago and potential growth from the
first quarter.
The company, which beat its own coated-stent sales guidance for
the first quarter, also set U.S. guidance targets that implied U.S.
sales will move lower in the second quarter.
Additionally, Chief Financial Officer Samuel Leno issued
second-quarter revenue targets for the company's
implantable-defibrillator business while speaking on a conference
call with analysts.
Coated stents are tiny scaffolds for clogged heart arteries that
use medication to keep scar tissue from closing them off again.
Boston Scientific sees its world-wide sales for the devices at $400
million to $440 million in the second quarter, Leno said. The
forecasted range compares with the $382 million world-wide tally
seen a year earlier, and it's mostly above the $445 million total
just reported for the first-quarter.
In the U.S., Boston Scientific expects coated stent sales to
range between $220 million and $240 million in the second quarter,
Leno said. That would mark a big rise from a year ago, but it's
below the $246 million in domestic sales posted in the first
quarter.
Boston Scientific estimates its share of the roughly $2 billion
U.S. coated-stent market improved to 50% in the first quarter, well
ahead of Abbott Laboratories (ABT), Johnson & Johnson (JNJ) and
Medtronic Inc. (MDT). But nearly half of Boston Scientific's market
share comes from a device called Promus that is made by Abbott, and
for which the companies share profits.
Leno noted that the profit contribution from Promus is half of
the dollar contribution that Boston Scientific gets when it sells a
home-grown Taxus stent.
"So the bad news is we have an adverse mix of Promus and Taxus
compared to expectations year ago, but the good news that we have
more total U.S. market share" than people outside the company
expected, Leno said.
In the market for implantable cardioverter defibrillators, or
ICDs, Leno said Boston Scientific anticipates world-wide sales will
land in a $445 million to $480 million range in the second quarter,
which implies gains from a year ago and the first quarter. U.S.
sales are seen landing between $310 million and $330 million, which
would be up from last year and is mostly above the first-quarter
tally.
Boston Scientific competes with Medtronic and St. Jude Medical
Inc. (STJ) in the market for ICDs, which shock hearts when needed
to correct potentially deadly rhythm problems.
Boston Scientific shares were recently up a penny to $8.70.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com