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Boston Scientific Corp.’s stock tumbled 16 percent in early trading Tuesday after the company lowered its full-year guidance due to weaker-than-expected sales growth in the third quarter.
The Natick-based medical-device maker said net sales will be between $8.13 billion and $8.23 billion for the year, down from an initial projection of $8.1 billion to $8.4 billion.
Net sales for the company during the third quarter of 2009 were $2.03 billion, up three percent from $1.98 billion during the same period last year.
The company posted a $200 million profit for the quarter ended Sept. 30, versus a loss of $62 million for the corresponding period in 2008. Net income for the first nine months of the year was $345 million, down from $358 for the first three quarters of 2008.
As of Sept. 30, Boston Scientific had $1.38 billion in cash on hand, down from $1.64 billion at the same point last year.
Company officials said the company pre-paid $225 million in term-loan debt during the quarter. Boston Scientific also settled litigation with Johnson & Johnson over intellectual property rights tied to Boston Scientific’s cardiac stents, a move that cost the company $716 million.
Boston Scientific’s (NYSE: BSX) stock was priced around $8.48 a share in morning trading Tuesday, down from the previous-day’s close of $10.16 a share.
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