Interventional firm Guidant reported record fourth-quarter and fiscal-year figures for 2002. The Indianapolis-based company reported record sales for the year (end-December 31) of $3.239 billion, up 20% compared with adjusted net sales of $2.707 billion in fiscal 2001.
Adjusted net income saw a 34% increase to $681.4 million, compared with the prior year. Net income based on generally accepted accounting principles showed an increase of 26% to $611.8 million, compared with $509 million in 2001, and reflects net pre-tax charges for special items totaling $82 million, according to the company.
For the quarter, Guidant achieved sales of $895.5 million, up 25% compared with $718.7 million the prior year. Adjusted net income grew 38% to $199.3 million compared with $144.6 million in the same period the prior year. GAAP net income of $92.4 million declined 32% compared with $144.6 million in fourth quarter 2001, and reflects pre-tax charges for special items totaling $141 million. The company’s termination of its merger agreement with Cook of Bloomington, IN, resulted in a $61 million charge in the quarter.
The firm’s sales and earning guidance for the first quarter of 2003 forecasts sales of $855 million to $895 million, and the company does not expect sales to be substantially above its 2002 numbers, said Guidant president and CEO Ronald Dollens.
By AuntMinnie.com staff writersJanuary 3, 2003
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