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Guidant's $96 mil. in charges will result in second quarter loss, firm says.

This article was originally published in The Gray Sheet

Executive Summary

GUIDANT'S SPEEDY AICD APPROVALS WILL COST $29 MIL. in charges to second quarter earnings, the company says. Guidant announced May 20 that it will take two non-recurring, non-cash charges totaling $96 mil. to second quarter 1996 (ends June 30) results: a $29 mil. charge to manufacturing costs as a result of the "obsolescence of older cardiac rhythm management (CRM) products and programmers," and a $69 mil. "impairment charge" for intangible assets "due to current sales trends" in the firm's Devices for Vascular Intervention (DVI) atherectomy business.
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