Boston Scientific Corp., a manufacturer of heart devices and other medical supplies, said sales edged up 3% to $1.88 billion in the fourth quarter of 2014 fueled by growth in its cardiovascular business.
But quarterly net income fell to $87 million, compared with $108 million in the fourth quarter of 2013.
Charges relating to acquisitions, divestitures and litigation caused the decline, said the Marlborough, Mass.-based manufacturer.
Sales of cardiovascular products went up 5% to $745 million in the fourth quarter of 2014, compared with $709 million in the same quarter in 2013. That segment generates about 40% of Boston Scientific's total revenue.
Full-year revenue increased 3% on a reported basis to $7.38 billion in 2014, compared with $7.14 billion in 2013. All of its business units reported growth in 2014. Profits doubled to $267 million in 2014, compared with $121 million in 2013, the company reported.
Despite a generally favorable 2014, Boston Scientific said it expects revenue between $7.3 billion and $7.5 billion in 2015, or a 1% decline in sales to a 2% increase.
U.S. sales of defibrillator systems increased 5.4% to $215 million in the fourth quarter, while revenue for pacemaker systems dropped to $60 million during the same three months. Sales of drug-eluting stents in the U.S. reached $120 million.
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