Interventional firm Guidant reported record fourth-quarter and fiscal-year figures for 2003. The Indianapolis-based company reported record sales for the year (end-December 31) of $3.699 billion, up 17% compared with sales of $3.161 billion in fiscal 2002.
Foreign currency translations favorably impacted revenue by $131 million, the firm said.
Net income based on generally accepted accounting principles (GAAP) was posted as $426 million, and reflects approximately $338 million in charges for previously announced litigation settlements and in-process research and development associated with technology acquisitions, according to the company.
For the quarter, Guidant had sales of $951 million, up 8% compared with $895.5 million last year. GAAP net income of $200 million compared favorably with fourth-quarter 2002 numbers of $125 million. The results reflect the resolution of tax audits during the quarter and additional expenses related to the performance-based acceleration of Guidant’s 2003 equity compensation program, the company said.
The firm is forecasting 2004 first-quarter sales of $900 million to $940 million, and fiscal 2004 sales of $3.75 billion to $3.95 billion, Guidant said.
By AuntMinnie.com staff writersJanuary 29, 2004
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