In line with an early January earnings warning, interventional device developer Guidant reported fourth-quarter sales of $828.2 million, down 14% compared with the $968.2 million reported in the same period a year ago.
For the quarter (end-December 31, 2005), the Indianapolis-based firm had net income of $78.9 million, compared with net income of $104.5 million reported in the fourth quarter of 2004. Guidant attributed the sales decline to the impact of 2005 product recalls and field actions. Foreign currency translations also negatively impacted revenue by $27 million.
For 2005, Guidant had sales of $3.55 billion, down 6% compared with the $3.77 billion reported in 2004. For the year, the company had net income of $413 million, compared with net income of $524 million in 2004.
Guidant reaffirmed its previously disclosed 2006 sales guidance of $3.8 billion to $4 billion, with adjusted earnings per share expected to be $1.65 to $1.75 per share.
By AuntMinnie.com staff writers
January 27, 2006
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