Interventional device vendor Guidant reported a quarterly sales record with fiscal 2005 second-quarter sales (end-June 30) of $974 million, representing sales growth of $35 million or 4% when compared with the prior year's $939 million second-quarter sales, according to the Indianapolis-based firm.
Guidant said that foreign-currency translations favorably impacted revenue by $9 million compared with the same period last year. Net income was posted as $116 million, a 14% downturn compared with the $136 million of income shown in the same period last year, the company said.
The income drop was attributed to a previously disclosed pretax charge of $34 million due to the accelerated vesting of restricted stock awards resulting from the shareholder approval of the company's merger with Johnson & Johnson. In addition, the firm took in process research and development charges of $10 million, Guidant said.
By AuntMinnie.com staff writers
July 21, 2005
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