Boston Sci Sales Returning to Pre-Pandemic Levels
The Marlborough, MA-based company posted net sales of $3.08 billion for 2Q21 – a 53.6% increase when compared to the same period last year.
The company said net sales exceeded its guidance range of 46% to 50%; 49.6% on an operational basis; and 52.4% on an organic basis, exceeding the company’s guidance range of 44% to 48%, all compared to the prior year period.
“We delivered excellent results this quarter, with strong momentum throughout our portfolio and faster-than-market growth in most segments, fueled by our team’s dedication to customers and patients all over the world,” Mike Mahoney, chairman and CEO, Boston Scientific, said in a release. “We are confident that our focus on meeting customers’ needs today, and our innovative pipeline to solve tomorrow’s challenges, will continue to deliver value for patients, customers and shareholders.”
Boston Scientific kicked off the year announcing it would acquire Preventice Solutions, mobile cardiac health solutions and services specialist, for $925 million plus milestones.
“We are also pleased with the strong growth and execution of the Preventice team and continue to anticipate full year growth in that business of at least 20% on a pro forma basis vs. 2020,” Mahoney said according to a Seeking Alpha transcript of the earnings call.
The firm would be involved in two more high profile deals. In March it announced it would acquire the surgical business of Lumenis Ltd. for $1.07 billion. In June, Boston Scientific would go on to announce it would pick up Farapulse, a company that has developed a pulsed-field ablation (PFA) system.
During the firm’s recent earnings call, Daniel Brennan – Executive Vice President and Chief Financial Officer, gave an update on where the company was with closing both deals and the potential for more acquisitions.
“As of June 30, 2021, we had cash on hand of $2.7 billion,” Brennan said according to a Seeking Alpha transcript of the call. “Our top priority for capital deployment remains tuck-in M&A and we continue to expect to close the acquisition of Lumenis Surgical in the second half of the year, and Farapulse in 3Q21.”
Original Article: (https://www.mddionline.com/business/boston-sci-sales-returning-pre-pandemic-levels)
