BSX

Boston Scientific reports loss as COVID-19 slams demand for medical devices

Adds segment figures, background

Oct 28 (Reuters) - Boston Scientific Corp BSX.N swung to a loss in the third quarter from profit a year ago, as demand for its medical devices was hurt by the ongoing COVID-19 pandemic.

The Marlborough, Massachusetts-based company said on Wednesday its sales of medical devices dropped 3.7% to $2.58 billion.

Earlier this year, the company withdrew its 2020 profit forecast, citing uncertainties due to the COVID-19 pandemic.

Rival Abbott Laboratories ABT.N, however, raised its 2020 profit forecast last week on strong COVID-19 testing revenue and a recovery in its medical device business.

Excluding items, Boston Scientific earned 37 cents per share in the third quarter.

Net sales fell 1.8% to $2.66 billion.

Net loss attributable to Boston Scientific was $169 million, or 12 cents per share, in the quarter ended Sept 30, compared with net earnings of $126 million, or 9 cents per share, last year.

(Reporting by Trisha Roy and Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli)

((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.