Boston Scientific

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Boston Scientific
Type Public
Traded as NYSEBSX)
S&P 500 Component
Industry Medical equipment
Founded 1979
Headquarters Natick, Massachusetts, United States
Key people John Abele, Founder & Director
Peter Nicholas, Founder & Chairman
Mike Mahoney, President, CEO
Revenue

Increase $ 7.6 billion (FY 2011)

[1]
Operating income Increase $ 904 million (FY 2011)[1]
Net income Increase $ 441 million (FY 2011)[1]
Total assets Decrease $ 21.2 billion (FY 2011)[1]
Total equity Increase $ 11.3 billion (FY 2011)[1]
Employees 24,000 (December 2011)[1]
Website www.bostonscientific.com

The Boston Scientific Corporation (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.

Boston Scientific is well known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries.[citation needed]

Boston Scientific's main competitors are Johnson and Johnson, Medtronic, St. Jude Medical, and Vascular Solutions. On April 21, 2006, the company acquired longtime competitor Guidant for $27.2 billion. The former Guidant was split between BSC and Abbott Laboratories.[2][3]

Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.[4]

In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.[5]

Johnson & Johnson lawsuits[edit]

Beginning in 2003, Boston Scientific and Johnson & Johnson were involved in a series of litigations involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to Johnson & Johnson in September 2009 and an additional $1.73 billion in February 2010.[6]

Abbott Labs non-solicitation lawsuit[edit]

In 2013, Abbott Labs accused Boston Scientific of soliciting and hiring one of its stent sales vice presidents and three sales representatives in an allegedly ongoing campaign aimed at "crushing" Abbott's stent operation. Abbott Labs and Boston Scientific are competitors in the medical stent business and Abbott employees allegedly had a non-solicitation clause in their employment agreements.[7]

Vaginal Mesh lawsuits[edit]

Boston Scientific faces a multi-million dollar liability for from nearly 1,300 federal suits citing vaginal mesh product problems. The Food and Drug Administration ruled in 2013 that adverse events involving surgical mesh are not rare, reversing to its opinion decided in 2008.[8]

Restatement[edit]

On Nov 3,1998, Boston Scientific restated its financial results for 1997, as well as its quarterly results for the first three quarters of 1998, due to the occurrence of business irregularities in the operations of its Japanese subsidiary.[9]


Notes[edit]

  1. ^ a b c d e f "Boston Scientific 2011 Annual Report, Form 10-K, Filing Date Feb 17, 2012". secdatabase.com. Retrieved June 12, 2012. 
  2. ^ "Guidant battle ends in favor of Boston Scientific". Associated Press. January 25, 2006. Retrieved 2008-02-11. 
  3. ^ "Boston Scientific Completes Combination with Guidant". April 21, 2006. Retrieved 2008-02-11.  Boston Scientific's press release on the acquisition.
  4. ^ "Boston Scientific Spin-off Aiming to Tap Veins Without Causing Infections". August 5, 2008. Retrieved 2009-02-23. 
  5. ^ Bernton, Hal, "Army Whistle-Blower Fights To Clear Name", Seattle Times, 14 August 2011, p. 1.
  6. ^ Boston Scientific to Pay J&J $1.73B to Settle Stent Patent Disputes, The Wall Street Journal, February 2, 2010
  7. ^ "Abbott accuses Boston Scientific of poaching stent sales VP and reps". Mass Device. Retrieved 15 April 2014. 
  8. ^ "Boston Scientific faces nearly 300 lawsuits so far over problems with mesh implants". Wicked Local. Retrieved 15 April 2014. 
  9. ^ "Boston Scientific Addresses Japan Business Irregularities". 

External links[edit]