Boston Scientific Corp.'s already large presence in Minnesota is getting even larger.
The two-story, 74,000-square-foot expansion will double the company's manufacturing space in Maple Grove for components of its Watchman device, one of its most celebrated products at present. The technology is designed to reduce the risk of stroke for patients with atrial fibrillation and aims to get them off blood thinners.
"It's one of our most important products," Mike Mahoney, Boston Scientific's chief executive, said in an interview Wednesday. "They're adding a lot of manufacturing capacity in Maple Grove now."
Construction began last summer on the project and should be complete at the end of this year.
Mahoney said that approximately 75% of Watchman components are made in Minnesota. The company did not say how many new jobs the growth would bring. The expanded facility will make nitinol wire — a metal alloy of nickel and titanium commonly used in medical devices — that will be used for Watchman devices and two of the company's stent product lines.
Boston Scientific on Wednesday also reported results of its fourth quarter, including a $94 million profit.
Despite beating Wall Street's earnings estimates, the company's softer-than-expected outlook for 2022 disappointed investors who sent the stock market down 4.7% in trading Wednesday.
While the company posted higher sales of its medical devices for the final three months of the year, its quarterly profit fell 55.2% compared with the same period last year when it benefited from a one-time investment gain.