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Medical equipment industry

Boston Scientific Reports Strong First Quarter Results, Exceeds 1 Billion in Sales

Strategic Insights

— 1 min read

Boston Scientific Corporation has announced financial results for its first quarter ended March 31, 2004, showcasing a 34% increase in net sales to $1.082 billion compared to $807 million for the same period in 2003. The company's TAXUS Express2 paclitaxel-eluting coronary stent systems played a significant role in this growth, with net sales reaching $98 million in the United States and $284 million worldwide. Preliminary data suggests that TAXUS systems accounted for approximately 70% of the U.S. drug-eluting stent market as of April 19th, with an estimated adoption rate of 70% in the United States.

Key Takeaways:

  • Boston Scientific's net sales increased by 34% to $1.082 billion in the first quarter of 2004, compared to $807 million in the first quarter of 2003.
  • The company's TAXUS Express2 paclitaxel-eluting coronary stent systems accounted for $98 million in net sales in the United States and $284 million worldwide.
  • As of April 19th, Boston Scientific estimates its share of the U.S. drug-eluting stent market to be approximately 70% on a reorder basis.
  • The company estimates the adoption rate for drug-eluting stents in the United States to be approximately 70% as of April 19th.
  • Boston Scientific's President and CEO, Jim Tobin, attributed the successful launch of TAXUS in the U.S. as a major milestone for the company.
  • The company's rollout of TAXUS continues to proceed smoothly, with unconstrained supply, and has received positive feedback from physicians on the performance of the technology.

Statistics:

  • Net sales: $1.082 billion (34% increase from $807 million in first quarter 2003)
  • Net income: $194 million (100% increase from $97 million in first quarter 2003)
  • Earnings per share: $0.23 (diluted), a 100% increase from $0.11 per share in the first quarter of 2003
  • TAXUS Express2 paclitaxel-eluting coronary stent systems net sales:

+ United States: $98 million

+ Worldwide: $284 million

  • Estimated share of the U.S. drug-eluting stent market: approximately 70% as of April 19th
  • Estimated adoption rate for drug-eluting stents in the United States: approximately 70% as of April 19th

Sources:

  • Boston Scientific Corporation's press release, April 20, 2004
  • Boston Scientific Corporation's website: http://www.bostonscientific.com/

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