Interventional device vendor Guidant reported record fourth-quarter and fiscal-year figures for 2004. The Indianapolis-based firm reported record sales for the year (end-December 31) of $3.8 billion, up 3% or $121 million, compared with sales of $3.7 billion in fiscal 2003.
Foreign-currency translations favorably impacted revenue by $22 million, the firm said. Net income was posted as $524 million, a sharp uptick compared with the previous fiscal year's $330 million of income, the company said.
For the quarter, Guidant had sales of $968 million, up 3% compared with the $951 million posted for the same period last year. Net income for the fourth quarter was $105 million, a downturn when compared with $205 million in the fourth quarter of 2003. Fourth-quarter net income reflects $104 million of additional tax expense due to the planned repatriation of cash under the American Jobs Creation Act of 2004, according to the firm.
Given the company's pending merger with Johnson & Johnson, Guidant has elected not to provide forward-looking financial guidance.
By AuntMinnie.com staff writers
January 27, 2005
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