New Boston Sci CEO Keeps Financial Goals For Coming Years
July 21 2009 - 10:15AM
Dow Jones News
After a week on the job, new Boston Scientific Corp. (BSX) Chief
Executive Ray Elliott pointed on Tuesday to the same financial
growth goals the medical-devices company had recently targeted for
upcoming years, including earnings that will expand faster than
sales.
Based on what he's seen thus far, Elliott said he sees no reason
at this time to change the company's goal of growing sales by 5% to
7% per year, excluding the effects of foreign currency rates, in
2010 and 2011.
The Natick, Mass., company also is aiming to grow its per-share
earnings by at least a 15% year in coming years, Elliott said.
Speaking on a call with analysts following the company's
second-quarter earnings release, Elliott said that by supporting
these prior growth goals, he is "affirming the work that's been
done to date."
Elliott, a veteran medical-devices executive who long led
orthopedics firm Zimmer Holdings Inc. (ZMH), recently took over as
president and chief executive at Boston Scientific to replace
long-time Chief Executive Jim Tobin, who is retiring.
The company announced quarterly results late Monday that
included sales above Wall Street estimates, bolstered by the
company's business for drug-coated heart stents. Shares recently
traded up 1.6% to $10.46.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com