Interventional device developer Boston Scientific of Natick, MA, has released financial results for its 2005 fiscal year and fourth quarter (end-December 31).
For the fiscal year, the firm had net sales of $6.3 billion, up 12% compared with the $5.6 billion reported for fiscal 2004. Reported net income for the year, excluding net special charges, was $1.5 billion, an increase compared with the $1.4 billion in net income booked for 2004. However, including net special charges, net income was $628 million for fiscal 2005.
The company said its yearly results included charges (after-tax) of $894 million, which primarily related to a litigation settlement with Medinol; purchased research and development; expenses related to certain retirement benefits; and costs that resulted from certain business optimization initiatives.
For its 2005 fiscal fourth quarter, Boston Scientific showed a slight downturn in net sales of $1.54 billion, compared with $1.6 billion for the fourth quarter of 2004. Net income, including net special charges, for the fourth quarter rose to $334 million, a solid gain compared with net income of $297 million for the fourth quarter of 2004.
Reported results for the fourth quarter of 2005 included charges (after-tax) of $6 million, which primarily consisted of employee-related costs that resulted from certain business optimization initiatives that began in the third quarter of 2005.
By AuntMinnie.com staff writers
February 7, 2006
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