Pharmaceutical-Jobs.net is reporting that Boston Scientific has come up with a series of restructuring initiatives. The company is reducing non-sales related expenses and headcount to adjust its expense base for the changing market dynamics across some of its businesses as well as increased government regulation. Boston Scientific is planning to eliminate approximately 1000 to 1300 medical device jobs worldwide through its restructuring initiatives excluding any potential divestitures. This gross head count reduction is 8-10% from company's non direct labour base.
The reduction activities will be initiated this month and are expected to be completed over the next 18 to 24 months.
Reported net loss for the fourth quarter of 2009 was $1.075 billion, or $0.71 per share. Reported net loss for the fourth quarter of 2008 was $2.394 billion, or $1.59 per share, which included a $2.613 billion, or $1.74 per share, goodwill write-down. Net sales for the fourth quarter of 2009 were $2.079 billion, as compared to net sales of $2.002 billion for the fourth quarter of 2008. Excluding the impact of foreign currency and net sales from divested businesses, net sales were flat with the prior period. Net sales for the full year 2009 were $8.188 billion, as compared to net sales of $8.050 billion for the full year 2008
The Company estimates net sales for the full year 2010 of between $8.100 billion and $8.500 billion. Adjusted earnings, excluding acquisition-related credits, restructuring and restructuring-related costs, and amortization expense, are estimated to range between $0.62 and $0.72 per share. The Company estimates net income on a GAAP basis of between $0.37 and $0.49 per share.
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