Interventional device developer Boston Scientific of Natick, MA, has released financial results for its 2004 fiscal year and fourth quarter (end-December 31).
For the quarter, the firm had net sales of $1.6 billion, up 70% compared with the $939 million reported for the fourth quarter of 2003. Excluding the favorable impact of $35 million in foreign currency fluctuations, net sales saw an increase of 67% for the period, according to the firm.
Reported net income for the quarter, including net special charges of $122 million (after tax), rose to $297 million, compared with reported net income of $137 million for the fiscal 2003 fourth quarter.
The net special charges for the fourth quarter of 2004 consist primarily of a $60 million noncash charge resulting from stock option modifications and a $61 million charge related to taxes on the approximately $1 billion that the company plans to repatriate in 2005 under the American Jobs Creation Act of 2004, Boston Scientific said.
For the fiscal year, the firm had net sales of $5.624 billion, up 62% compared with the $3.746 billion reported for 2003. Excluding the favorable impact of $155 million in foreign currency fluctuations, net sales saw an increase of 57% for the period, according to the firm.
Reported net income for fiscal 2004, including net special charges of $332 million, was $1.062 billion, a steep increase compared with reported net income of $472 million for fiscal 2003.
By AuntMinnie.com staff writers
February 1, 2005
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