Med Tech Earnings Calls In Brief
This article was originally published in The Gray Sheet
Guidant restructures to cover stents: Guidant will take a Q3 charge of $50 mil.-$70 mil. to cover severance and benefits packages for employees terminated to offset declining coronary stent sales. Lay-offs will be company-wide, but will especially hit the firm's vascular intervention unit and manufacturing plants in Temecula and Santa Clara, Calif. Stent revenue fell 46% to $120 mil. in Q2 compared with the same quarter of 2003. The product category is expected to account for 13% of Guidant's business in 2004 and 10% in 2005 - down from 23% last year. Increasing popularity of drug-eluting stents dragged down revenue, as did competitive pressures in Japan, where the firm experienced a 60% decline in stent sales. Improved sales of ICDs likely will compensate for the declines. Guidant expects the defibrillators to compose 47% of total sales in 2004 and 51% in 2005 - up from 41% in 2003. Excluding a charge of $49 mil. for in-process R&D, the firm earned $185 mil. on sales of $938.8 mil. Guidant expects Q3 revenue to be $890 mil.-$930 mil. For the year, the firm forecasts revenue of $3.65 bil.-$3.75 bil. For fiscal 2005, sales are projected to be $3.9 bil.-$4.1 bil...
You may also be interested in...
Spectranetics will support a U.S. clinical trial for expanded use of its CVX-300 excimer laser technology for heart attacks with incremental profits from CLiRpath leg artery occlusion treatment sales
Baxter's decision to tap former Abbott exec Robert Parkinson as chairman and CEO sets the stage for swift operational reforms at the highly diversified firm
Pain relief product sales grew 27% and upper respiratory sales 35% for the week ended 7 March as consumers respond to COVID-19, according to Nielsen data noted in a Jefferies report on consumer health purchasing trends. Private label market share is up slightly, while OTC purchases continue primarily in conventional stores.