QUOTE AND NEWS
TheStreet.com  6 hrs ago  Comment 
NEW YORK (TheStreet) -- Shares of Boston Scientific Corp.  are up 2.87% to $12.91 as the medical solutions company initiated its full commercial launch today of the new POLARIS Imaging System.The system offers enhanced ease-of-use and more...
newratings.com  Jul 21  Comment 
WASHINGTON (dpa-AFX) - Boston Scientific Corp. (BSX) announced that it has received FDA approval for the REBEL Platinum Chromium Coronary Stent System, the company's latest generation bare-metal stent for the treatment of coronary artery...
Motley Fool  Jul 16  Comment 
St. Jude Medical's momentum in CRM is proving more resilient than the skeptics would believe
newratings.com  Jul 14  Comment 
WASHINGTON (dpa-AFX) - Boston Scientific Corp. (BSX) said Monday that it has received CE Mark for the Ranger Paclitaxel-Coated PTA Balloon Catheter. The technology is now in full European market launch. The Ranger Drug-Coated Balloon or DCB...
newratings.com  Jul 9  Comment 
WASHINGTON (dpa-AFX) - Fitch Ratings said Wednesday that it has affirmed Boston Scientific Corp.'s (BSX) long-term IDR at 'BBB-' with a Stable Outlook. The rating action applies to about $4.25 billion of debt. Fitch said it...
SeekingAlpha  Jun 30  Comment 
By Matthew South: The hiring of two new Senior VPs with impressive resumes shows investigational medical device maker Sunshine Heart, Inc. (SSH) has what it takes to attract top industry talent. On June 16, SSH appointed Brian Brown to Senior Vice...
Motley Fool  Jun 23  Comment 
BSX's announcement of a third panel meeting for the Watchman device is a small setback, but a setback nonetheless.
Forbes  Jun 18  Comment 
Boston Scientific cofounder John Abele has built a second career as a philanthropist, venture investor and tinkerer, all in pursuit of another "change the world" idea.
Forbes  Jun 18  Comment 
Boston Scientific hopes the third time will be the charm. The company disclosed on Tuesday yet another obstacle in the path to approval for its novel Watchman left atrial appendage closure device for the prevention of stroke in patients with...
Motley Fool  Jun 17  Comment 
Two biotechs, one medical device company finish as the worst performers in the stock market today




 


Boston Scientific (NYSE: BSX) makes cardiology products such as drug-eluting stents and pacemakers, which each respectively accounting for 21% and 16% of total revenues. Drug-coated stents are used to prop up coronary arteries to help prevent heart attacks, but their effectiveness have been questioned after they were linked to a risk of blood clots, as well as competition from Abbott's stent Xience.[1]

Boston Scientific also makes Endosurgery and Neuromodulation products. The Endosurgery group includes esophageal, gastric, and duodenal intervention products; colorectal, pancreatico-biliary, and pulmonary intervention devices; and products for urinary tract intervention and bladder disease, prostate intervention, pelvic floor reconstruction and urinary incontinence, gynecology, and oncology. The Neuromodulation group comprises Precision Spinal Cord Stimulation system for the treatment of chronic pain of the lower back and legs, and HiResolution 90K Cochlear Implant system to restore hearing to the profoundly deaf. Boston Scientific Corporation markets its products through direct sales force, and a network of distributors and dealers.

Ultimately, Boston Scientific's continued success will depend heavily on how well it manages to maintain its market share in the face of increasingly tough competition and its serious quality-control issues, while continuing to invest in its strong development pipeline so that it will be able to compete in the next generation of medical devices.

Corporate Overview

Business and Financial Metrics

Second Quarter 2010 Results[2]

During the second quarter of 2010 Boston Scientific achieved sales of $1.928 billion, reporting GAAP earnings of $0.06 per share with adjusted EPS of $0.12. The company maintained its leadership position in the global drug-eluting stent (DES) market with 38 percent market share worldwide. The company also launched the third-generation TAXUS Elemen Paclitaxel-Eluting Coronary Stent System in the European Union and other CE Mark countries.

Net income for the quarter was $98 million, compared to $158 million in the second quarter of 2010.

Yup, I know those episodes. And, you are right. They have tuenrd the dynamic into all this concern for his addiction, NOT his pain, even if they disguise it by saying they care about his pain. And that frustrates me beyond belief.I think the thing I like about House is that he isn't all cuddly and inspirational and brave, or whatever other trope people like to throw at people who are differently abled. He's a cranky jerk (possibly the only well developed character other than Chase and Cameron, who I think are) who deals with pain, and the flaw, IMNSHO, is that those people feel free, even as doctors, to object to his care choices. They can't get past that he is happy that way, that his addiction, which doesn't affect them, is their problem, not his.

Missions &#1072r&#1077 really &#609r&#1077&#1072t. I h&#1072&#957&#1077 a pair &#1072n&#1281 I &#406&#959&#957&#1077 th&#1077m. I've never tried th&#1077 CCM vceotrs, &#1109&#959 I don't really know. B&#965t Mission w&#1072&#1109 orginally a roller hockey company &#1109&#959 th&#1077&#1091 definatley &#1072r&#1077 reliable blades. Th&#1077&#1091 &#1072&#406&#1109&#959 m&#1072k&#1077 th&#1077m a lot &#406&#1110k&#1077 hockey skates, &#1109&#959 &#1091&#959&#965 &#1072r&#1077 more comfortable &#1110n th&#1077m.

Competition

Competition in the advanced medical devices industry is limited by two factors:

  • Competitors have similarly high costs in development and manufacturing, and thus it is difficult for a company to gain a large advantage by cutting costs.
  • Competitors all have large enough capacity that meeting demand is not an issue.

Thus, the main factor that will affect the performance of Boston Scientific and its competitors is its ability to capture market share through improving the technology and performance of its devices. In this sense, Boston Scientific compares favorably to its competitors, as it has strong pipelines in both its core DES and CRM businesses, and it continues to innovate in other fields. In the CRM business, its main competitors include Medtronic (MDT) and St. Jude Medical (STJ).

Boston's heavy dependence on coronary stents leaves it vulnerable to the prospect of two new competitors, and recent studies which suggest that stents are not as useful as they were thought to be. As such, last year was especially important for Boston Scientific, as it saw the successful acquisition of Guidant, a major provider in the area of cardiovascular medical products. With this merger, Boston Scientific now has a new venue of growth that will take it away from its traditional dependence on the coronary stent market. However, Guidant has been plagued with quality issues in the past, and the ability of Boston to deal with these and its own pre-existing problems, will play a major role in the performance of the company.

However, what matters most is how well Boston's technology performs when compared with that of its competitors, specifically in clinical trials.

Boston’s products will have to compete with those of its competitors in clinical trials. A study conducted by Abbott Labs found that Abbott’s new product Xience V was more effective than Boston Scientific’s Taxus. Medtronic has also introduced a new entry into the DES market, Endeavor.

Image:USMarketShare.JPGImage:EuropeMarketShare.JPG


Pharmaceutical and Biotech Industry — Competitive Operating Metrics (2007)

 

Johnson & Johnson (JNJ)

Pfizer (PFE)

Novartis (NVS)

Abbott Laboratories (ABT)

Merck (MRK)

Wyeth (WYE)

Bristol-Meyers Squibb (BMY)

Eli Lilly (LLY)

Amgen (AMGN)

Schering-Plough (SGP)

Boston Scientific (BSX)

Biogen Idec (BIIB)

Revenue (in billions of USD)

Total Revenue

$61.10

$48.42

$38.95

$25.91

$24.20

$22.40

$19.35

$18.63

$14.77

$12.69

$8.36

$3.17

Gross Profit

$43.34

$37.18

$27.04

$14.49

$18.06

$16.09

$13.13

$14.38

$12.22

$8.29

$6.02

$2.84

Revenue Growth from 2006

14.57%

0.10%

10.94%

15.30%

6.90%

10.07%

12.12%

18.75%

3.53%

19.78%

6.85%

18.21%

Income

Net Income

$10.58

$8.14

$11.95

$3.61

$3.28

$4.62

$2.17

$2.95

$3.17

-$1.47

-$0.50

$0.64

Net Profit Margin

17.31%

17.05%

16.79%

13.92%

13.54%

20.61%

14.12%

15.85%

21.43%

-11.61%

-5.92%

20.12%

Operating Income

$13.28

$9.28

$6.78

$4.58

$3.37

$6.46

$3.53

$3.88

$3.98

-$1.22

-$0.01

$0.78

Return on Average Equity

25.60%

12.06%

14.43%

22.66%

18.33%

28.09%

19.15%

23.96%

17.19%

-22.17%

-3.26%

10.05%

Other

Employees

119,200

86,600

98,200

68,000

59,800

50,527

42,000

40,600

17,500

55,000

27,500

4,300



References

  1. PR Newswire: "Boston Scientific Announces Results for Second Quarter Ended June 30, 2010"
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