Boston Scientific to cut up to 1,500 jobs

Oct 24, 2013

Boston Scientific Corp. plans to shed as many as 1,500 jobs worldwide, or 6 percent of its workforce, in an effort to cut costs.

The company also said Thursday that its CFO is leaving. Boston Scientific is promoting its corporate controller to replace him.

The medical device maker had already announced up to 1,000 job cuts in January in response to limited growth prospects in certain markets and taxes related to the health care overhaul. That's on top of a 2011 cost-cutting plan that included the elimination of 1,200 to 1,400 jobs. The company has about 24,000 employees.

In the newest plan, it said it will eliminate 1,100 to 1,500 over the next two years through attrition and layoffs. It hopes to trim annual operating expenses by up to $200 million and invest some of the savings in initiatives that will bolster its growth.

The company's shares fell 39 cents, or 3.2 percent, to $11.90 in premarket trading. The stock has been trading around five-year highs.

Boston Scientific on Thursday reported a third-quarter loss of $5 million, or break-even per share, compared with a loss of $664 million, or 48 cents per share, in last year's quarter. If one-time items are excluded the company said it earned 17 cents per share. Its revenue was unchanged at $1.74 billion.

Boston Scientific said sales of urology and women's health products, endoscopy products, and neuromodulation devices improved. That countered a decline in sales of heart products.

The said CFO Jeffrey Capello will leave Dec. 31 because he wants to find a broader management position. Capello has been Boston Scientific's CFO since March 2010. Daniel Brennan, Boston Scientific's corporate controller and , will become its new CFO.

Explore further: Oracle 1Q profit rises 8 pct, tops predictions (Update)

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Expedia posts 1Q loss; says revenue rose 24 pct

Apr 25, 2013

Online travel agency Expedia Inc. is reporting a larger loss in the first quarter as its stock-based compensation, legal reserve and depreciation costs surged compared to a year ago. But its adjusted revenue and income surpassed ...

WellPoint's 3Q profit falls 5 pct, forecast climbs

Oct 23, 2013

WellPoint says its third-quarter earnings fell 5 percent, but the nation's second-largest health insurer raised its forecast for 2013, citing in part gains it expects from the health care overhaul.

Generic competition cuts Merck's Q1 sales, profit

May 01, 2013

Drugmaker Merck & Co. is reporting lower first-quarter results and cutting its 2013 profit forecast by 15 cents a share. It also is announcing a huge share buyback, up to $15 billion worth of its stock.

Texas Instruments 3Q profit drops, outlook weak

Oct 21, 2013

Chipmaker Texas Instruments Inc. said Monday that its net income fell 20 percent in the third quarter. Its outlook for the current period was worse than analysts expected, and shares slipped.

Recommended for you

Ticketfly buying WillCall for on-premise data

11 hours ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0