Boston Scientific beats estimates; profit down 40 percentby Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — Medical device manufacturer Boston Scientific's second-quarter earnings fell, though not as much as analysts expected.
The company, which has plants in Arden Hills, Maple Grove and Plymouth, saw its profits drop about 40 percent to $98 million.
Sales slid 7 percent to $1.9 billion. Wall Street expected something worse after a paperwork snafu forced the company to halt sales of a key product -- implantable heart defibrillators -- for a month this year.
Medical device analyst Jan Wald says the company is recovering.
"The question was how quickly would they be able to capture market share back, and then how much market share would come back to them," Wald said. "They're getting share back faster than anybody had anticipated."
Wald says the company will likely grab at least a 25 percent share of the defibrillator market this year, down from 29 percent.