And I thought Teva Pharmaceuticals' (Nasdaq: TEVA) two approvals in as many days was impressive. Yesterday, Boston Scientific (NYSE: BSX) managed three FDA approvals in one day.
The medical-device maker snagged approvals for its Confient implantable cardioverter defibrillator (ICD), which is used to correct irregular heart rhythms, and its Livian cardiac resynchronization therapy defibrillator (CRT-D), which provides heart pacing therapy. Boston Scientific's upgraded Latitude system -- which allows doctors to communicate with the devices remotely -- was also approved yesterday.
OK, so technically it was more like 2.5 approvals, but it's still impressive, don't you think?
Boston Scientific is finally seeing the R&D benefit from its 2006 acquisition of Guidant with these approvals and Livian CRT-D's recent European approval.
With Medtronic's recall of the leads used with its ICD, Boston Scientific might be able to swoop in and capture some market share with its new Confient ICD and not leave all the growth to St. Jude Medical (NYSE: STJ), which is shooting for an average of 15% revenue growth per year over the next five years.
The added diversification is coming just in time. Last quarter, sales of its coronary stent systems slipped 10% year over year, and there's more pressure on the way. The drug-eluting stent market is about to heat up -- going from a duopoly with it and Johnson & Johnson (NYSE: JNJ) to a four-way rumble that includes newcomers Medtronic (NYSE: MDT) and Abbott Laboratories (NYSE: ABT).
The launch of the Confient and Livian devices should give investors a little confidence that there will be a dose of stability to the uncertain times ahead for Boston Scientific.
