Boston Scientific trims annual profit forecast on softer Watchman device demand
BSX•Second-quarter results beat estimates
Shares of the company were up nearly 4% premarket after it beat second-quarter results.
The Massachusetts-based company posted second-quarter adjusted profit of 86 cents per share, above analysts' estimate of 83 cents per share, according to LSEG data.
Its quarterly revenue came in at $5.44 billion, above analysts' expectations of $5.36 billion.
The company's cardiovascular unit posted quarterly sales of $3.62 billion, beating estimates of $3.58 billion.
Restructuring plan approved to cut costs
On Monday, Boston Scientific's board approved a new company-wide restructuring plan aimed at cutting costs and better positioning the company for future growth.
The plan, approved on July 21, includes supply chain optimization, production shifts between manufacturing sites and organizational changes, and is expected to be largely completed by the end of 2029.
Profit forecast cut after softer Watchman demand
July 29 (Reuters) - Medical device maker Boston Scientific BSX.N on Wednesday lowered its annual profit forecast, citing pressure on its Watchman heart device business.
The company, in May, warned of pressure on its Watchman heart device, a small implant used to help prevent stroke-causing blood clots in patients with atrial fibrillation, due to softer-than-expected uptake.
Boston Scientific said growth was being weighed down by a decline in standalone Watchman procedures as physicians increasingly combine the implant with other cardiac treatments during a single visit.
As a result, the company said it expects flat Watchman revenue growth in the second and likely third quarter, despite continued uptake in combined procedures.
