NEW YORK (AP) -- Boston Scientific's net income nearly doubled in the fourth quarter as its costs decreased and sales improved for heart devices, nerve stimulation implants, and devices used in gastrointestinal and lung procedures.
The company on Tuesday reported greater sales from its heart rhythm device business and its MedSurg business, which sells products used in endoscopic procedures as well as women's health items. Cardiovascular device sales fell, however. A year ago its net income was hurt by costs related to job cuts and litigation.
In the fourth quarter the company's net income rose to $108 million, or $0.08 per share, from $60 million, or $0.04 per share. Boston Scientific said it earned $0.21 per share excluding one-time costs, up from $0.18 per share in the fourth quarter of 2012. Revenue rose 1%, to $1.84 billion from $1.82 billion.
Analysts expected net income of $0.12 per share and $1.83 billion in revenue, according to FactSet.
Shares of Boston Scientific lost $0.41 cents, or 3.2%, to $12.60 in morning trading. The stock has climbed almost 70% over the last year and reached a five-year high of $14.08 in January.
The Natick, Mass., company said sales of heart rhythm devices rose 5% to $518 million. MedSurg revenue rose 9% to $613 million on greater sales of endoscopy equipment and neuromodulation pain while cardiovascular revenue fell 4% to $705 million.
A year ago Boston Scientific said it would cut up to 1,000 jobs in response to a new medical device tax from the U.S. health care overhaul, limited growth prospects in certain markets and pressure to cut prices on its products in other countries. The company said it wanted to cut annual spending by as much as $375 million in 2013.
For the full year Boston Scientific Corp. lost $121 million, or 9 cents per share. It lost $4.07 billion, or $2.89 per share, in 2012. Revenue fell 1 percent, to $7.14 billion from $7.25 billion.
The company said it expects to earn $0.35 to $0.40 per share in 2014. Excluding costs related to restructuring, divestitures and acquisitions, it forecast net income of $0.75 to %0.80 per share, and it is calling for revenue of $7.3 billion to $7.5 billion.
Analysts expect net income of $0.52 per share and $7.42 billion in revenue on average.
