Interventional device developer Boston Scientific of Natick, MA, reported record sales revenue for its fiscal 2006 first quarter.
For the period (end-March 31), the firm had net sales of $1.62 billion, the highest quarterly total in the firm's history, compared with $1.615 billion for the first quarter of fiscal 2005. Excluding the unfavorable impact of $40 million in foreign currency fluctuations, net sales for the first quarter of 2006 increased by 3%, Boston Scientific said.
Reported net income for the quarter was $332 million, a downturn compared with net income of $358 million for the first quarter of 2005. The company said that reported results for the first quarter of 2006 included charges (after-tax) of $22 million for stock-based compensation and $27 million (after-tax) associated with investment write-downs due to the termination of a gene therapy trial.
By AuntMinnie.com staff writers
April 18, 2006
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