Boston Scientific Corp. said its first-quarter profit fell even as sales rose amid higher costs.
The Marlborough, Mass.-based medical-device maker posted net income of $110 million, compared with $341 million a year earlier. Per-share earnings were 7 cents, compared with 23 cents.
Stripping out one-time items, the company's adjusted earnings were 39 cents a share. Analysts surveyed by FactSet forecast adjusted earnings of 38 cents a share.
Sales rose 10% to $3.03 billion. Analysts had anticipated sales of $2.96 billion, according to FactSet. Cost of products sold rose from $894 million to $955 million.
Boston Scientific posted 9.1% sales growth in its medical-surgical division and 11.4% growth in cardiovascular sales
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