Boston Scientific Corp. continues to build on its strong presence in Minnesota.
Boston Scientific sees sales uptick with strong demand for Watchman device
Company recently completed expansion of Maple Grove manufacturing facility
February 1, 2023 at 4:05PM
The company's recently completed 78,000-square-foot expansion of its manufacturing facility in Maple Grove was driven by strong sales for its Watchman atrial device.
Sales of the device, which is designed to reduce the risk of stroke for patients with atrial fibrillation and get them off blood thinners, rose 24% in 2022, Boston Scientific CEO Mike Mahoney told analysts on a Wednesday morning call.
About 75% of the Watchman components are made in Minnesota.
In November, Boston Scientific announced a $615 million deal for Apollo Endosurgery. Mahoney said the deal is expected to close in the first half of 2023.
Boston Scientific on Wednesday reported fourth-quarter revenue of $3.2 billion, an increase of 3.7% compared with a year ago.
The company had seen "more durable and consistent procedure growth," Mahoney said, compared with the drop-off in elective surgeries during the pandemic.
Its $0.45 earnings per share on net income of $126 million for the quarter narrowly missed analysts' expectations.
The company's stock closed up 2.8% for the day.
U.S. sales for the quarter were up 10.6% while Europe and the Asia-Pacific region posted smaller gains.
Mahoney said the company is "very bullish" on 2023. Boston Scientific forecasts first-quarter sales growth of from 3% to 5%. For the full year, the company projects revenue growth of from 5% to 7%.
The Massachusetts-based firm employs about 8,400 people in Minnesota.
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